Sara Davison, a divorce coach, explains:
Weddings on Female First
Being the main earner
If you have earned a lot of money before you met your partner and have worked hard to create a certain level of income you may think it is wise to protect this, especially if you have worked your way up the career ladder before your relationship, or have been married previously.
However, the situation can be different. If you have children with your spouse, it may be that you agreed for them not to work so much to enable them to bring up the kids and to support your career growth.
Protecting a large amount of savings
If you came into the relationship with a large amount of savings it would be wise to protect them. I have several clients who ended up with much less than they came to the marriage - even though they only had a short marriage.
Protection against infidelity
This will not prevent your partner from having an affair if they really want to. Many would find this reason a little uncomfortable to bring up, however it would protect your pride if your money was saved and if your partner did have an affair.
Protecting themselves should the couple go on to have children
If you go on to have children then in my opinion a fair prenup would take into account any sacrifices that your partner made to bring up the children. Being a stay at home parent also enables the other spouse's career to grow. Ensure you are fair so that this doesn't cause a rift.
Protecting potential inheritance
If your side of the family has money then it may be worth considering a prenup to protect it. If you do end up getting divorced then you may face handing over a large share of the inheritance money to your ex.
Protection of a share of a property that the couple owns and lives in together
It's difficult to get onto the property ladder so you may want to consider protecting what you have. If the marriage ends you don't find yourself unable to get back on the ladder later in life.
Protecting an investment into a property that is not owed by both partners, but they live there together
This could be worth considering if you have put a lot of your savings into the house as you had more to give. It would protect you and mean that you could put a deposit down on a property and not be left in rented accommodation after a divorce while you start to save up again. I have seen clients in this situation and it's hard for them to be back to where they were many years ago financially.
One of the partners talked the other partner into having a prenup
Both parties have to see the value of a prenup. It doesn't always have to be one sided and in my opinion a more than fair prenup is a wise business decision for both partners. If one feels pressured into, this will cause ripple effects in the relationship and if not handled well could cause the marriage to fail.
To ensure items that are bought for a shared home would be received back
Some people want a fresh start after a divorce and don't want to sleep in the same bed or sit on the same sofa they shared with their ex. But if there are any particular pieces that you are attached to such a your grand piano, as one of recent clients was fighting over, it would be worth while agreeing it in a prenup up front.
To ensure that pets are cared for in the event of divorce
Pets often play a huge role in the family. When a relationship breaks down you may find yourself left with expensive bills to pay on your own so it may be a good idea to agree to split these to ensure the pet will be well looked after. It may also be a good idea to identify who will keep the pets especially if you brought your pet into the relationship with you.
The ten reasons for signing a prenup were found through research carried out on behalf of The Co-operative Legal Services.
tagged in Divorce