Prenups: Sign On The Dotted Line

Prenuptial agreements, Sign on the dotted line

The day has finally come where your loved one has proposed. His gesture symbolises his love for you and his desire to spend the rest of his life with you. You've already had the plans in your head since you were a little girl and now at long last you get to set the wheels in motion and get your chance to make your dream a reality.

You're floating on cloud nine and nothing could possibly make you happier or burst your bubble of excitement. What if your future husband was considerably wealthier than you and he asks you "how you feel about signing a prenuptial agreement"

For those of you unsure of what a prenuptial agreement is. It is an agreement made by a couple before they marry concerning the ownership of their respective assets should the marriage fail. Essentially it is a contract between husband and wife, stating the terms agreed by both parties in the event of divorce – a marital contract.

If you discuss or agree to a prenuptial agreement before entering into the sanctity of marriage, are you basically saying that you don't expect the marriage to last and in the event of the marriage failing there isn't enough trust within your relationship for one spouse to not bleed the other spouse dry? Do you lose sight of the romance and the true meaning of marriage? Or are you simply protecting what is yours in a modern world where suing and compensation is big business.

So you're future husband is very wealthy and has asked you to sign a prenuptial agreement. Once you've passed the “doesn't he trust me?” stage and thought about it objectively are there benefits for both of you? By signing the agreement he would be assured that you were with him because you love him and actually want to spend the rest of your life with him, not because you're a gold digger! Ask yourself how you would feel if the shoe was on the other foot and you were asking him to sign on the dotted line and he was reluctant – would you then doubt his intentions?

Signing a prenup doesn't mean there is a problem with your relationship, it demonstrates that you are both mature enough to consider the possibility of the marriage not succeeding and in that event you have a plan of action in place to protect all involved including any future offspring.

When is a prenup worth considering?

If you're marrying for the second or more time and want to protect the future of your children from previous spouses
You have family wealth that you wish to protect
You have savings and assets you wish to remain in your name

Will your prenup be completely binding?

If your circumstances change between your wedding and your divorce, the court may decide to not follow the prenup if deemed unfair or they may just follow relevant parts

How is it made official?

A prenup must be drafted by a family law solicitor if it is to stand up in court. It is imperative both parties enter the agreement without undue influence or pressure and both parties should seek independent legal advice and fully understand the implications.

How much does a prenup cost?

For a prenuptial agreement you would be looking from £500 upwards. The more complex the agreement, the longer it will take solicitors to work on. Therefore, the more expensive it will be. Be sure to get your estimate before signing and agreeing to anything.

Celebrity Prenups

Signed

Catherine zeta Jones is guaranteed $2.8million for every year she is married to Michael Douglas, plus a $5million bonus of he is unfaithful.

Britney Spears made husband Kevin Federline sign a prenup that reportedly awarded him less than $1million of her estimated $120million fortune when they divorced in 2006.

Steven Spielberg thought he had secured his fortune when he signed a prenup before marrying Amy Irving in 1985. However when they divorced in 1989 the judge awarded Amy $100million as he ruled the agreement invalid as it was written on a napkin!

Unsigned

Ellen DeGeneres and Portia de Rossi married without a prenup in 2008 as Ellen, worth an estimated $65million, considered it unromantic.

When Mel Gibson and Robyn Moore divorced in 2009, after 28 years of marriage, Robyn was entitled to half of his estimated $900million fortune.

Madonna And Guy Ritchie married in 2000 without a prenuptial agreement. She allegedly gave guy between £48million & £60million of her estimated £205million worth.

Rather famously Paul McCartney decided not to sign a prenup when he married Heather Mills in 2002, despite his family urging him to. She received £24.3million after a bitter divorce battle.

16-May-2011

Recommended for you

Prenuptial agreements, Sign on the dotted line

When is a prenup worth considering?

Will your prenup be completely binding?

How is it made official?

How much does a prenup cost?

Celebrity Prenups

Signed

Unsigned

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