When planning a wedding, you might not necessarily think about what would happen if the marriage did not work. While it may seem peculiar to highlight it at a time of great joy, in some cases it may be sensible to make a Prenuptial Agreement, particularly if you wish to protect your business assets or make sure that assets are kept for children you may already have. Prenuptial agreement are perceived by some to be pessimistic and unromantic. Others argue that an agreement can save time, expense and acrimony.
We believe prenuptial agreements should be seen as a kind of insurance in the event of a break-up. This can protect your assets and your family in several ways. These agreements can be particularly helpful if:
- You need to protect business or commercial assets
- Although you are marrying for the first time you want to keep any assets owned prior to the marriage separate, such as sizeable equity in property
- You have had a previous divorce and understand that an agreement can reduce complications if your relationship doesn’t work out
- You wish to preserve assets for your children, especially so where your children are from a previous relationship.
Following the landmark decision in the case of Radmacher v Granatino in October 2010, which gave “decisive” weight to prenuptial agreements, Pindoria Solicitors has seen a marked rise in the number of clients contacting us about a prenuptial agreement in the UK.
It is important to note that prenuptial agreements are still not legally enforceable in England and Wales. However, judges are attaching more weight to prenuptial agreements and are more likely to uphold them.
As prenuptial agreement solicitors London, when we advise a client about a relationship that has broken down, when a prenuptial agreement is in place, we ask certain questions. These include:
- How soon before the wedding was the prenuptial agreement signed?
- Was any pressure placed on the parties to sign it?
- How was it negotiated?
- Was there any negotiation at all, or was the agreement imposed on one party?
- Was there full and frank disclosure of the finances of both parties?
- Did both parties receive legal advice?
In our experience, a prenuptial agreement UK is more likely to be upheld if its contents are reasonable, clearly not out of date (providing for future children, for example, and preferably a review after a period of time) and if it was properly drafted with full disclosure.
If you are considering a prenuptial agreement and would like advice let our experts walk you through it, book an appointment today.
What is a prenuptial agreement?
A prenuptial agreement is an official agreement made between you and your fiance that adheres to various issues related to assets, property, and living together. Basically, it is the set of rules that you and your to-be-partner craft to control the marriage systematically.
A marriage prenup binds you and your partner with some defined rules, which, if broken, will have consequences. Hence, in simple terms, what does prenup mean? It is a written legal document to protect your assets in the event of divorce or separation.
Do I need a prenuptial agreement?
It is not compulsory to have a prenuptial agreement before marriage. However, having one surely can help you stay safe and stress-free if something goes wrong with your marriage. Ideally, prenuptial agreements are made if you want to secure:
- Savings or inherited assets
- Future assets
- Real estate and properties
- Accrued pensions
- Intellectual property rights
- Businesses, stock options, and investments
Are prenups legally binding in the UK?
UK law does not automatically legally bind a prenup agreement. However, it can be upheld by a court as long as it meets the qualifying criteria. If the conditions mentioned in the agreement are unjustified and discriminatory towards individuals, the court holds the right to invalidate the agreement.
The best way to go about it is by hiring a prenuptial agreement lawyer that can advise you to include all necessary aspects that can raise conflicts in the agreement.
How much does a prenup cost?
The cost of prenuptial agreement is variable and depends on the complexity of your agreement. A highly detailed prenup covering every aspect of living together usually can cost hundreds of Euros.
The prenup cost includes fees of the lawyer and the fees required to draw and validate the agreement in the court.
Do I need a lawyer for a prenuptial agreement?
It is not mandatory to hire a lawyer for prenuptial agreement. However, hiring one is recommended so that your prenup agreement gets rightly made without any errors. Each state has their rules for a prenuptial agreement.
If you are unsure and familiar with them, it is better to move ahead with prenuptial agreement solicitors. They are experienced professionals who can guide you with the right process in the right direction.
Can you get a prenup after marriage?
A prenup agreement is typically made and signed before entering into a marriage that protects your owned or inherited assets. However, you can draw a prenup after marriage if you fail to make a prenup before getting married.
In such a case, the agreement is known as a postnuptial agreement which majorly focuses on issues related to the harmony of the marriage. It provides a way out of marriage in case your spouse, and you start having conflicts.