What is a Prenuptial agreement?

Answer

When you get engaged and start planning a wedding, it’s easy to forget about protecting your personal finances in case the relationship breaks down in the future.

Because it might be seen as a bleak and pessimistic outlook, many couples will avoid discussing prenups (or Prenuptial Agreements) before they get married. However, where the law is concerned, it’s a sensible way of protecting your pre-marriage assets, future inheritance and any child commitments you have from previous marriages.

At GloverPriest, our expert Prenuptial Agreement and Family Law Solicitors can advise you of your rights and what to expect when entering into a pre-nuptial agreement – making sure it is fair and right for you. Whatever stage you’re at, we’ll be there to support you through it all - get in touch today for a free 30-minute consultation.

Prenup Meaning

A Prenuptial Agreement (often called a prenup) is a legal document drawn up between two parties before they get married. It sets out their financial obligations should they decide to split in the future. 

While not all prenups feature high-value assets, they are more likely to be put in place by those who have considerable wealth or own their own business (or land).

Who Should Get a Prenup?

When you get married, all assets (in the eyes of the law) are considered joint or shared - known as matrimonial assets. This means that, if the couple unfortunately decides to divorce, both partners will have a claim to the assets.

You might want to consider a prenup if:

• You have children or grandchildren from a previous marriage
• You might receive a substantial inheritance in the future
• You’re notably more wealthy than your partner
• You own your own business (or a share of one)
• You could see a big increase in income
• You have or are working towards a qualification in a potentially lucrative profession
• You’ll be supporting your partner through university or college
• You have loved ones who need to be taken care of

When Should I Put a Prenup in Place?

You should start discussing potentially creating a Prenuptial Agreement well before your wedding. Not only can it be quite a complex process (that includes making full financial disclosure and taking expert legal advice), but you and your partner should have as much time as possible to discuss why it might be necessary.

Prenups should be put in place no later than 28 days before the wedding.

Are Prenups Legally Binding in the UK?

While Prenuptial Agreements are recognised as a legal document, a Court may decide to divide a divorcing couple’s assets differently depending on their current circumstances.

That means if a couple’s circumstances have changed drastically since the agreement was created, for example, if there are now children involved or if the current needs of an individual is different to their position when the prenup was created, a Court is likely to rule in a contrary to the agreement.

Prenups for Civil Partnerships

While the process and contents are very similar, Prenuptial Agreements for those entering a Civil Partnership are called Pre-Registration Agreements or Pre-Civil Partnership Agreements.

Why GloverPriest?

Our Prenuptial Agreement and Family Law experts have extensive experience drafting Prenuptial Agreements that are fair and right for you.

If you’d like to have a free, 30-minute introductory meeting with one of our specialist Prenup Solicitors to see if a Prenuptial Agreement is the right decision for you and your future, get in touch.