It has recently been reported that Jennifer Lopez has filed for divorce from her husband, Ben Affleck. Reports suggest that, while Lopez has not sought any financial orders from Affleck, the couple never entered into a prenuptial agreement in respect of their assets.
What is a prenuptial agreement?
Prenuptial agreements can be drafted to determine how a couples assets are divided in the event of separation. For example, if you have generated assets prior to marriage or entering a civil partnership, a prenuptial agreement allows you the ability to “ringfence” your assets.
Are they only for celebrities?
Many believe that prenuptial agreements are designed solely for the rich and famous, hence the public surprise when it was reported that Lopez and Affleck do not have one. However, this is certainly not the case. Prenuptial agreements are useful for anyone looking to protect their assets for other family members.
Why is it important to have one?
In Scotland, prenuptial agreements are usually legally binding documents. The agreement itself has to be fair and reasonable, and both parties entering the agreement must understand its terms. Having a prenuptial agreement in place provides peace of mind to you and your family members when you commence a new relationship. For example, many people wish to protect their assets for their children from a previous marriage.
While Lopez’s 2001 hit, “Love Don’t Cost A Thing” is certainly true, having a prenuptial agreement will help avoid any financial turmoil in the event of separation.
Prenuptial agreements are one of the topics being discussed in our newly launched video series ‘With you on your journey through life’ so watch out for information on that video coming soon.
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