Premarital agreement can be an act of love, mapping out a safe exit strategy for both sides
You worked up the nerve. You popped the question and your partner said the magic word "yes". You are both excited for the upcoming wedding, but there are many issues you must agree on before walking down the aisle.
Where should you get married? What flowers should you use? Where will you go on honeymoon? There are also other practical considerations that many couples should think about. Should you get a prenup?
Farmireland.ie reveals a staggering 72pc of farmers are in favour of prenuptial agreements. That may come as a surprise, as farmers may be viewed by some as quite conservative and traditional. However, a farmer's circumstances are unique to most.
Many farmers are reluctant to transfer the farm to their son or daughter for fear that it might form part of the pot of assets "up for grabs" in the event of a marriage breakdown.
Farms that have been in families for generations could form part of a divorce settlement. Land in rural Ireland means more than just a livelihood to most people. It forms part of their identity, history and values. To lose the land is a shameful thing. People are living longer and very often the parents are working on the farm well past retirement. In many cases, the parents' family home is also often located on the farm.
So, what is a prenup exactly?
A prenuptial agreement is essentially a formal agreement which can be drawn up between you and your partner. It sets out how you would divide your assets if you decide to divorce in the future.
The agreement can serve as an inventory of assets and debts owned or incurred by each spouse prior to marriage, can convey interest in property between the parties, or dictate that neither spouse will acquire an interest in each other's property or inherited property.