Couples planning to marry are increasingly engaging in discussions about the importance of pre-nuptial agreements as many are realising the benefit that a prenuptial agreement may have for them.
Like many legal documents, a prenuptial agreement can provide peace of mind, allowing couples to agree what they want to happen with their assets if their relationship ends. It is well known that divorce can be highly acrimonious, create financial uncertainty, and be very costly.
There is the opportunity to limit the impact of divorce with a prenup, with it acting like a marriage insurance policy. It is easier for couples to have rational discussions about the fair division of assets whilst they are getting along before their marriage, rather than during the often highly emotional state caused by a divorce.
A prenuptial agreement can address the specific needs of the parties; and can protect a wide variety of financial interests and assets in the event of a divorce (as well as death of a spouse).
This can include:
- How the ownership of property and businesses should be divided.
- How inheritance or assets held be either party prior to the marriage should be dealt with should they divorce.
- How gifts from family members can be protected.
Typically, the agreement will factor in a regular review clause, to ensure that the agreement continues to meet the parties’ needs and to address the status of the agreement after a significant life event, such as the birth of a child.
It is essential that both the parties enter into the agreement in good time before their marriage and certainly no later than 28 days before their wedding. It is also preferable that they both take independent legal advice before signing up to the agreement.
The current law of England and Wales does not allow for all pre-nuptial agreements to be automatically legally binding. However, the view of the Court is that as long as a prenuptial agreement includes various key elements, it can be highly persuasive for a Judge in financial remedy proceedings associated with any divorce.
The nuances of the legalities in negotiating and drafting the terms of a pre-nuptial agreement that is likely to stand the test of the Court can be complex and should only be drawn up by a lawyer who is experienced in this specialist field.
Contact our family law team
Our highly experienced family law team have a wealth of experience in handling complex prenuptial agreements that can help to ensure your assets are safeguarded. If you wish for any further advice and assistance, please contact our family law team by completing the form below.
Key Contact
Simon Magner Mawdsley
Partner | Head of Family Law
Described by clients as "an excellent listener, open and engaging", "exceptional", "reassuring" and "insightful", Simon acts for a range of clients in all aspects of relationship breakdowns including divorce, resolution of financial matters, civil partnerships, cohabitation disputes, pre- and post-marital agreements, injunctions, and children matters.
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