Tis better to have loved and lost than never to have loved at all. – Alfred, Lord Tennyson
While Tennyson may not have pictured his words being applicable to the problems and costs that can arise in divorce proceedings, these problems and costs may cause some to think that it would have been better to never have loved at all.
Fortunately, a prenuptial agreement may be able to help with some of the costs and problems that can otherwise arise after marriage.
A prenuptial agreement is essentially a contract between two people who plan to marry. This agreement will generally contain terms that will help determine property and debt during marriage or in the case of separation or divorce. There can also be other terms depending on each particular circumstances.
If there is no enforceable agreement and the parties cannot amicably resolve matters, the Court will be required to resolve matters for the parties. This can become more expensive than an initial outlay for an agreement, or even the cost of changing the agreement as matters change over time.
There are also postnuptial agreements for people who have already been married as well as cohabitation agreements for non-married couples.
There are certain requirements required for prenuptial agreements, as well as other agreements, including matters such as each party have independent legal advice, and it is best to talk to a family law lawyer about specific requirements, your circumstances, and whether it is best for you to have a prenuptial or other agreement.
By doing so, and if problems arise, you may be in a position of having loved and lost, but those losses including future losses that can arise from a contested matter, may be able to be mitigated.
Chris is an Associate with Rowanoak Law Office LLP.