If you marry, your property becomes “marital property” and can be considered, unless expressly protected, for distribution between you in divorce proceedings. The main purpose of a marriage contract is to limit the potential rights to the property of one of the parties to the marriage and to avoid costly disputes over “who receives what”. For a first interview on a marriage contract, call our family lawyers at Woolley & Co on 0800 321 3832 or fill out our online form. Spousal maintenance (also known as alimony) is a topic that many couples argue about during divorce proceedings. A prenup can nip this argument in the bud by letting you set the conditions for adding the spouse at the beginning of your marriage. If you or your spouse don`t intend to work (perhaps with the intention of staying home and raising children), assisting spouses is something you should definitely discuss. Otherwise, many prenups renounce the privileges of assisted spouses. Without the advice of a legal expert, you could fall into several pitfalls when preparing a prenup. Under what conditions do you, for example, want to check the agreement? How will the Prenup take into account significant future financial changes in your partner`s position? What if you have children and one of you gives up work to take care of them? This and many other considerations must be taken into consideration if you want to prepare a mandatory prenup. Simply put, a marriage contract (also known as a pre-marital contract or conjugal contract) is a contract that a couple signs before marriage to find their finances in the event of divorce. “Marriage contracts cover how a couple shares their finances, what is the separate property of each party (what they marry with) and how they would divide their home,” Schpoont says.

“It can delineate how they would divide marital property, including marital debt — what they have, but also what they owe — and can also indicate how long a spouse or child can stay in a marital home during a divorce.” Here are some other points you should understand about marriage contracts: you don`t need to consult a lawyer to draft a prenup contract, but marriage contracts must be written to be valid. Here are 10 things everyone should know about marriage contracts. We believe that this is a dangerous approach. As things stand, marriage contracts are not legally binding documents, but if you want to have any hope that a court will take into account the wishes expressed in a prenup, you need to ensure that the agreement is prepared in a very specific way and that as many potential legal loopholes as possible are filled. . . .