FAMILY & RELATIONSHIP LAW

Pre-nuptial Agreements

Family and Relationships > Pre-nuptial Agreements

Prenuptial Agreement Solicitors

There are a lot of things to consider when you decide that you want to get married or entering a civil partnership. Some may say it’s unromantic, but others may say you should think about the consequences before your big day.

You may want to consider an agreement to set out what should happen with your assets if the worst happens through a Pre-nuptial Agreement. If you’d like to discuss your options, get in touch with our team of Family Law Solicitors today.

If you’re planning on getting married or entering into a civil partnership but want certainty over the division of assets if things don’t go to plan, a pre-nup agreement is a great way of setting up precautions, just in case. Although, prenuptial agreements aren’t completely straight forward, and are not formally followed by a court on divorce, they are very persuasive if correctly formalised. That’s why is it so important to get the opinion of an expert Family and Relationships Solicitor to ensure that what you’re doing is entirely fair and as effective as possible.

What pre-nuptial agreement related services do we provide?

Our expert team of Family and Relationships Solicitors can help you make a bespoke pre-nuptial agreement to cover all of the things that are important to you and bring that level of security to your marriage.

 

If you’re already married, then a Post Nuptial Agreement can be drawn up for you.

Pre-nuptial Agreements FAQs

What are Pre-nuptial Agreements?

Prenuptial Agreements are an arrangement between a couple that are getting married or going into a civil partnership that both parties sign. The agreement will record the couples financial position at the time and set out how existing assets as well as those acquired during the relationship may be divided in the event of a split.

I’m not rich, so do I need one?

Prenuptial agreements are not just for the rich and we recommend that
everyone should have a prenuptial agreement before entering into a marriage or civil partnership. It may sound unromantic but there are 3 key reasons for a pre-nup:

• to set out how you will manage the finances during the marriage.
• to set out what will happen to the finances in the event of a divorce or separation.
• to protect any inherited wealth or property acquired by one of you before the marriage.

A Pre-Nup can therefore be helpful in any partnership, but there are some circumstances when a Pre-nup isn’t just helpful, it really should be seen as essential:

• When you have an interest in a family business.
• When you’re bringing assets to the marriage, whether by an inheritance or family gift etc.
• When you’ve previously been married – particularly if you have children from previous relationships.

What are the advantages of Pre-nuptial Agreements?

Communication is the key to any successful marriage. Sadly, it is often the case that failure to discuss and disagreement over financial issues can lead to the breakdown of the marriage. For any prenup to be effective there must be full “financial disclosure“. Both of you must give full details of their financial position to the other and being open and honest with each other at the start of the marriage, and being able to agree your own terms, can be a basis of strength in your relationship and improve communication.

Agreeing a prenup also gives you and your partner the opportunity to discuss how you will manage your finances during the marriage. Prenup‘s are often seen as favouring the wealthier spouse but they can provide certainty and help both parties feel more secure where there is financial disparity.

Perhaps the main advantage of a prenup is that it allows you to protect an asset in the event of the breakdown of the marriage. By identifying assets as non-matrimonial they are effectively ring fenced. This could be inherited wealth, an interest in a family business or property owned prior to the marriage.

A properly drafted a prenup should enable you and your partner to protect your assets whilst ensuring that in the event of a breakdown both of you are fairly treated.

But if Pre-nups aren’t legally binding are they a waste of money?

Whilst pre-nup‘s aren’t binding on the courts in the event of a divorce the court will attach appropriate weight to them if they have been properly drawn up and they meet certain requirements:

• they must be freely entered into (any duress or undue influence will render the agreement void)
• The parties must have a full understanding of the implications of the agreement – which is why a full exchange of financial information is needed
• The terms of the agreement must be fair and address the needs of the parties at the time of the split.
• The prenuptial agreement also needs to be in the form of a deed and each party must have taken independent legal advice.

If all these requirements are met the Court will take heed of the Agreement.

So, it’s difficult to see why everyone doesn’t have one. They can add transparency and strength to a relationship and open up the lines of communication and, in the event of a breakdown can bring a degree of clarity and certainty, and significantly reduce costs and acrimony.

Can a pre-nuptial agreement cover anything other than finances?

In theory, a pre-nuptial agreement can cover any aspect of a couple’s relationship, but in practice, they are typically limited to financial matters.

When should a couple consider getting a pre-nuptial agreement?

A couple should consider getting a pre-nuptial agreement if they have significant assets or financial obligations, or if they want to avoid potentially contentious and expensive court proceedings in the event of a divorce.

Can a pre-nuptial agreement be changed or revoked?

Yes, a pre-nuptial agreement can be changed or revoked by mutual agreement between the parties, or by court order if the circumstances warrant it.

Do both parties need to have their own solicitors when entering into a pre-nuptial agreement?

It is advisable for both parties to have their own solicitors when entering into a pre-nuptial agreement to ensure that their interests are fully protected.

Can a pre-nuptial agreement be challenged in court?

Yes, a pre-nuptial agreement can be challenged in court if it is deemed unfair or unreasonable, or if certain conditions were not met when it was entered into.

How much does a pre-nuptial agreement cost?

The cost of a pre-nuptial agreement will depend on various factors, such as the complexity of the agreement and the amount of negotiation required. It is important to discuss costs with your solicitor before proceeding.

Meet our Team of Family Law Solicitors

Atkins Dellow is member of

resolution family department

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