If a prenuptial agreement is going to cause an argument with the person you hope to spend the rest of your life with, is it worth the hassle?
It has been reported that Lady Gaga and her fiancé Taylor Kinney have fallen out after beginning negotiations over the terms of their prenuptial agreement.
Prenuptial agreements are entered into by a couple ahead of their marriage. In general, they set out the principles upon which couples wish to have their assets divided between them should they separate or divorce.
Given the huge success of Lady Gaga’s pop career, it makes sense that the couple would seek to enter a prenuptial agreement. According to Celebrity Net Worth Taylor Kinney has a net worth of $2m (or approximately £1,315,080) from his acting and modelling career, meanwhile Lady Gaga has amassed $230m (approximately £151m).
Reports that the celebrity couple have fallen out have made some question if a prenuptial agreement is worth the risk of not making it down the aisle.
Ultimately, it is up to you whether you feel the benefits of a prenuptial agreement outweigh the disadvantages. Having to negotiate terms with your soon-to-be spouse is far from romantic, and the costs of obtaining legal advice can seem expensive when the end product is a document you hope you will never have to use.
Despite these issues a prenuptial agreement has a number of significant advantages if the unfortunate does happen and you are facing a divorce.
The Benefits of a Prenuptial Agreement
Certainty – the agreement will provide you with greater certainty around how your assets will be divided.
Time – prenuptial agreements can prevent months of drawn-out settlement negotiations or court hearings.
Costs – while you may be reluctant to incur legal fees at this stage of your relationship, it can help save the costs, likely to be significantly more, associated with months of negotiations once you decide to divorce.
Stress – a divorce is one of the most stressful things you can go through in life, and it will be reassuring if you ever do divorce to know that your financial arrangements can be tied up a lot more quickly and without any kind of acrimonious dispute.
If you are looking to get married and would like to speak to a solicitor about a prenuptial agreement, Slater and Gordon have the biggest team of family lawyers in the UK. You can call us for an initial consultation on freephone 0800 916 9055 or contact us online.