Monday, October 26, 2009
Category:
Secured Loans
According to new research conducted by Unbiased.co.uk, 66 percent of solicitors anticipate that in the next 5 years there will be an increase in the number of people wanting a prenuptial agreement prior to walking down the aisle.
One in ten of these solicitors are even of the opinion that the increase will be ‘significant’. Furthermore, only 2 percent of solicitors are reportedly predicting a decrease.
Although prenuptial agreements are not currently enforced in England and Wales, and are only upheld in some courts, the research revealed that 82 percent of solicitors believe that they can be an effective means of asset protection during divorce proceedings. However, 52 percent of solicitors were found to be of the opinion that a prenuptial agreement will only provide asset protection in ‘certain circumstances’, whilst 30 percent reportedly feel that this is the case in a ‘variety of circumstances’.
Chief Executive of Unbiased.co.uk, Karen Barrett, commented: "With current divorce rates and highly publicised divorce cases making front page news it is not surprising that more people are looking to protect their assets ahead of getting married. While prenuptial agreements are not currently legally binding it is looking increasingly likely that they could be in five years time so some may feel it worth getting these agreements in place now just in case.
"Of course, no one gets married with the intention of getting a divorce. However, should you need to seek a divorce then a family solicitor will be able to help you through the divorce process to ensure you get everything you are entitled to from the final settlement. A discussion with an IFA may also be beneficial as they can advise you on how best to best liquidate and possibly split assets to meet the prenuptial agreement, they can calculate your wealth including all pensions and can help you financially plan for the future".
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Homeowners who are looking to re-organise their finances perhaps following their wedding, could consider taking out a
secured loan. One of many finance options available, a secured loan for debt consolidation could allow the borrower to tie up any existing personal loans or credit cards. By consolidating debts, multiple monthly repayments could be reduced to just one. Furthermore, this single monthly repayment could even be lower than current outgoings, thereby freeing up useful money each month. However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
