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If you are about to get married, you can draw up an agreement detailing what would happen financially if the marriage does not work out as intended. For example, if you have significantly more assets than your spouse, or your parents have businesses or inheritance that you wish to keep in the family, a prenuptial agreement can ensure that your and your family's assets are protected.
Prenuptial agreements are not romantic. However, they are a practical way of ensuring that you and your partner are protected financially if the relationship doesn’t work out.
Prenuptial agreements are predominantly used for financial matters. They do not cover custody of children, frequency of sex, household cleanliness, preferred weight of spouse and infidelity punishments .
It is extremely important that you engage a lawyer in drafting your prenuptial agreement. At Posada & Co, our lawyers can ensure that the agreement complies with all legal requirements and drafted to suit your specific circumstances.
Cohabitation Agreements
A Cohabitation Agreement is a contract for unmarried couples who are living together. The Agreement sets out each person’s rights and obligations to each other. If properly drafted and signed, the Agreement is likely to be legally binding.
The Agreement can be tailored to suit your specific circumstances and can deal with the following points:
• The family home
• Contributions made by each person towards the family home
• Personal belongings such as photographs, jointly bought furniture, etc.
• Bank accounts
• Investments
• Business interests
• Care of pets
• Provisions upon death (i.e. pension and death-in-service benefits)
“Current trends toward delayed marriage, cohabitation, and rising divorce and remarriage rates have combined to create a new awareness of the seriousness of the marital contract and the far-reaching consequences that contract, once made, can have on individual lives. Thus, more and more couples feel the need to mix a little realism with romance, and they’re filling that need with premarital agreements, also called prenuptial or antenuptial contracts. ”