According to a survey carried out by the Marriage Foundation one in five weddings now start with a prenup. They may be considered unromantic by many and the last thing people want to think about in the midst of wedding planning but they are becoming increasingly popular and are a sensible option for those bringing assets into a marriage or civil partnership.
Contrary to popular belief, prenups are not just reserved for celebrities or the very wealthy. If you have a property, a business or significant savings acquired before the marriage or want to protect a large future inheritance then a prenup is well worth considering. A prenup can set how assets acquired prior to and during the marriage should be divided on relationship breakdown and can also deal with income and debts. Having a well thought out and detailed agreement can provide you with a degree of certainty and can avoid potential costly litigation further down the line. Prenups should also be considered by those who are marrying for second time or wish to ensure their assets pass to any children from a previous relationship.
Are they legally binding? Although not strictly legally binding in the UK they have a good chance of being upheld by a court provided they have been drafted properly and certain conditions are met. It is important that the agreement is signed at least 21 days before the wedding and that you do not feel pressured into signing the agreement. It is also essential that both parties take independent legal advice and have a clear picture of their partner’s finances. The agreement should also meet the basic needs of the financially weaker spouse and any future children as failure to do may result in the agreement not being upheld by the Court.
If you have agreed to have a prenup, when should you start the process? Start discussions with your partner as early as possible, be open and honest about your finances and take early legal advice. You should ideally start discussions at least 6 months before the wedding to give yourself enough time to think carefully about what should be included in the agreement. If your partner has asked you to sign an agreement close to the wedding date, do not feel pressured to sign the agreement without the benefit of legal advice. If you find yourself in this situation you have the option to enter into a post nuptial agreement shortly after the wedding.
Please contact our family team for further information. Our specialist family lawyers will discuss the advantages and disadvantages of entering into a prenuptial or postnuptial agreement with you and will tailor the agreement to your particular circumstances.
To discuss this, or any other Family Law related matter, please contact Dimple on 01483 887766, email info@hartbrown.co.uk or start a live chat today.
*This is not legal advice; it is intended to provide information of general interest about current legal issues.
