What is a Prenuptial Agreement?
A Prenuptial Agreement (Prenup) is a written contract that is drawn up between a couple prior to getting married to outline how each of their assets will be divided between them in the unfortunate event that the marriage should fail and end in divorce.
In a typical Prenuptial Agreement, assets including property, debts and income are normally covered. This is to help couples avoid any financial surprises if the relationship breaks down in the future.
A Prenuptial Agreement is more than likely to be put in place when one of you already has or is likely to acquire more assets than the other. For example, a large inheritance, landowners, or a business owner.
What is the purpose of a Prenuptial Agreement?
A Prenuptial Agreement can specifically identify who will be responsible for the property and finances of each partner during the marriage in addition to who will get what following a divorce. It can be simple or complex, but it is designed to help couples protect assets owned before the marriage, expected inheritance, trust funds and any assets that you are wanting to leave children from a previous marriage.
What can be included in a Prenuptial Agreement?
Prenuptial Agreement clauses usually include the following:
- Property held in sole or joint names.
- Savings held in bank accounts.
- Premium bonds.
- Stocks and shares.
- Business interests.
What cannot be included in a Prenuptial Agreement?
Issues that cannot be included in a Prenuptial Agreement are the following:
- Child custody.
- Child support.
- Personal matters.
- Illegal or unfair matters.
- Lifestyle matters.
How long does a Prenuptial Agreement last?
A Prenuptial Agreement will last for the full duration of the marriage.
How long before the wedding should I sign a Prenuptial Agreement?
A Prenuptial Agreement should be signed at least 28 days before the marriage.
Is a Prenuptial Agreement legally binding?
Prenuptial Agreements are not automatically enforceable in the UK Courts. Despite this, Judges in the UK Courts generally give Prenuptial Agreements significant consideration in proceedings, providing there are no issues with the agreement and that it was drawn up and signed with the correct considerations and precautions.
What is the cost for a Prenuptial Agreement?
The costs of a Prenuptial Agreement vary on a case-by-case basis and your requirements as a couple. We will confirm the cost once we know your requirements.
If you are considering a Prenuptial Agreement before marriage, our experienced family law team will guide you through the process.
Get in touch today to book your consultation and take the first step.