Your Prenuptial Contract - Ignore The Myths


The problem with taboo issues is ignorance, which leads to myths being created.

That is certainly true as regards the prenuptial contract (also known as a prenuptial agreement or premarital contract). The most common misapprehension is they are only for the rich and a clever way of ensuring the wealthier spouse doesn't fall foul of a gold-digging partner. We read many stories in the press about celebraties who did not make a pre-nup agreement and later pay the price when the 'richer and for poorer' takes a literal meaning.

What creates the problem is the idea that you are making provsions for splitting up before you are even married. Everyone likes to believe, particularly when in the full flush of early love, their relationship is supported by the heavens and in no need of extra legal provision down on earth. The very last thing you are expecting at that time is your relationship will fail.

The truth, as ever, is far more harsh, yet intensely practical. Statistics show that around 50 per cent of marriages end in divorce these days and there is nothing remotely romantic about losing much of your hard-earned money and possessions as a consequence of a tainted love.

In fact, far from being seen as fearing the worst, the thinking that goes into drawing up a prenuptial contract is actually very useful to helping your relationship to succeed.

For it makes very good sense to have practical chats about nitty gritty issues such as finances, children, career plans and other major decisions before you tie the knot - as all will play a crucial part in whether your relationship continues to flourish.

In many ways a prenuptial contract is simply a method in which a couple can sit down with a neutral third party and discuss important issues before the wedding day. This type of frank discussion can actually help to solidify your union and, ironically, make it less likely you'll need to use your pre-nuptial agreement.

It is not surprising therefore to discover that pre-nuptial agreements are being used more frequently and are a popular way of looking after your personal assets and making sure any legacies go to your children from a previous partner - particularly for those who remarry later in life.

Statistics have shown that having wealth does not insure against a relationship break down - but the best way of ensuring you do not become impoverished by a split is to face up to reality and put in place a prenuptial contract.