Marriage is a beautiful union between two individuals who decide to spend their lives together. However, as much as we like to believe in the power of love, it is important to protect oneself financially in the event of a divorce or separation. This is where marriage contracts come into play.
What is a Marriage Contract?
A marriage contract is a legal agreement between two individuals that outlines the terms and conditions of their marriage. It is also known as a prenuptial agreement or a prenup. In the UK, marriage contracts are recognized under the Matrimonial Causes Act 1973 and are enforceable in the courts.
Why Get a Marriage Contract?
Marriage contracts are not only for the rich and famous. They are a practical way to protect assets, income, and business interests that may have taken years to build. Marriage contracts can also help to avoid lengthy and costly legal battles in the case of a divorce.
What is Included in a Marriage Contract?
Marriage contracts can be customized to suit the needs of each couple. However, the following are some of the common provisions that are included:
– Division of property: This includes how assets and debts will be divided in the event of a divorce. This can also include provisions for any future assets that may be acquired.
– Alimony or spousal support: This outlines the amount of financial support that one spouse will provide to the other in the event of a divorce.
– Inheritance rights: This outlines how each spouse`s inheritance will be handled in the event of a divorce.
– Business interests: This outlines how any business interests that one or both spouses may have will be divided in the event of a divorce.
– Child custody and support: While marriage contracts cannot determine child custody, they can outline provisions for child support.
How to Get a Marriage Contract?
Marriage contracts are typically drafted by solicitors or lawyers who specialize in family law. Each spouse should have their own lawyer to ensure that the contract is fair and reasonable. The contract should be signed at least 28 days prior to the wedding day.
It is important to note that marriage contracts are not foolproof. Courts can set them aside if they are deemed to be unfair or if they do not comply with current laws.
In conclusion, marriage contracts are a practical way to protect oneself financially in the event of a divorce. While they may not be the most romantic aspect of a wedding, they are an important aspect to consider before tying the knot. It is always advisable to consult with a solicitor or lawyer who specializes in family law to ensure that the contract is fair and reasonable.