Prenuptial Agreement Lawyers
Prenuptial Agreement Solicitors
Often referred to as a ‘prenup’, a prenuptial agreement is a legal agreement made between two parties before marriage.
The document explains how each party’s assets, such as properties, income, and debts should be divided should they divorce. One of the benefits of having a prenuptial agreement is that it protects each party’s assets and can prevent either party from being left with the other’s debt.
Can Couples Entering a Civil Partnership Have a Prenuptial Agreement?
Civil partnerships and marriages, whilst very similar in many ways, do have some slight differences in the way that they are ended. Marriages are ended with a divorce and civil partnerships are ended with a dissolution.
Are Prenuptial Agreements Legally Binding?
A prenuptial agreement holds no legal weight in English courts and Welsh courts and is therefore not legally binding.
In the event of divorce, the court will take the prenuptial agreement into consideration when deciding how to split the assets of each party.
How Do You Get a Prenuptial Agreement?
When organising a prenuptial agreement, we recommend both parties make a list of all of the assets that they own and their respective estates. This can include:
- Properties
- Vehicles
- Family heirlooms
- Pets
- Shares that each individual owns solely and jointly.
Once you have created your lists, discuss what you would want to happen to each of the assets at the time of divorce should you separate – who would get what, and how might certain assets be split? You should also consider what you would want to happen to any assets that you acquire during the marriage.
Couples may find that when it comes to certain assets they want different things. Whilst most assets can be quite straightforward to split, others may take more negotiation and may need to be discussed in depth.
One way to do this calmly is through the use of mediation. A mediator can act as a third party throughout the drafting of the agreement to help in the negotiations of assets where couples are struggling to come to an agreement, to maintain an amicable relationship.
Seeking legal advice when drawing up a prenuptial agreement is highly recommended for both parties.
A family law expert will be able to draft the official prenuptial agreement and the solicitors of each party will be able to guide the parties through the process making sure that they fully understand their legal rights and agree to everything.
How Long Does It Take To Draw Up a Prenuptial Agreement and When Can You Enter into One?
The time it takes to draft a prenuptial agreement varies from couple to couple.
If you come to us having already reached an agreement with your future spouse about how your assets would be divided on divorce, the process will naturally be a lot faster than if you are asking us to help you with negotiations.
To make sure that the prenuptial agreement carries as much weight as possible, we advise that it is signed by both parties at least 28 days before the marriage.
Why Get a Prenuptial Agreement?
Prenuptial agreements can be very useful when one or both partners have assets that they want to protect.
This is often the case when either party has more assets and is in a different financial position than the other. Having a prenuptial agreement in place can provide both parties peace of mind that they have agreed on what should happen to their assets if they get divorced.
The courts in England and Wales are becoming more and more willing to uphold prenuptial agreements so they can be a powerful tool if prepared properly.
What Happens if We Do Not Have a Prenuptial Agreement?
Whilst prenuptial agreements aren’t legally binding, they do serve as a legal agreement that the court will take into consideration upon a divorce.
Without a prenuptial agreement, the court will make the final decision on how assets will be split. Any assets that aren’t included in a prenuptial agreement will gradually become known as ‘shared matrimonial property’, and generally will be seen as equally owned upon a divorce.
The starting point for the court is that the assets should be divided equally, but they will then consider if there are reasons for moving away from an equal split. For example, if assets are considered to be non-matrimonial, such as inherited assets or potentially assets acquired before the marriage.
The court will also look at whether each person’s needs would be met by an even split. In making their decision, the court looks at the factors in Section 25 of the Matrimonial Causes Act 1973 which is a checklist of what they should consider.
The primary consideration will be the welfare of any children of the marriage and other factors include the couple’s ages and the standard of living during the marriage.
How Can Parties Protect Future Assets in a Prenuptial Agreement?
Couples draft their prenuptial agreement before their marriage, meaning that it concerns the assets that each party has at that time. But what about assets that each party may obtain throughout the marriage?
A well-drafted prenuptial agreement will include a clause setting out the parties’ agreement on what should happen to assets accrued during the marriage. This clause can vary from couple to couple, depending on what it is that they would like to happen to any future assets.
The second highlight would be better to say that some couples decide that any assets obtained after the date of the marriage should be divided equally on divorce.
On the other hand, some couples may build a ‘review clause’ into the agreement which states that the prenuptial agreement should be reviewed either after a certain amount of time has passed, or if there is a ‘trigger’ such as the birth of a child or an inheritance.
When May the Court Refuse to Apply a Prenuptial Agreement?
The court does not have to apply a prenuptial agreement, but they’re becoming more likely to do so. There are various reasons that the court might refuse to uphold a prenup agreement such as:
- Lack of full financial disclosure
- Lack of independent legal advice for both parties
- Evidence of duress
- If applying it would not meet a party’s needs and/or it would be unfair
Our expert team will take the above into consideration when advising you.
Is a Prenuptial Agreement Void if One Party Dies?
What happens to assets after the death of one party can be included within the terms of the agreement.
Most prenuptial agreements include a clause that states that there is a will that should reinforce what has been stated in the prenuptial agreement.
However, in rare circumstances where one partner dies and their will contradicts the prenuptial agreement, leaving the living party with less than had been agreed in the prenuptial agreement, the living party can make a claim under the inheritance (Provision of Family and Dependence) Act 1975.
Can You Protect Your Assets After You Are Married if You Don’t Have a Prenuptial Agreement?
Once married, a couple cannot get a prenuptial agreement.
However, a couple could enter into a postnuptial agreement which holds the same weight legally as a prenuptial agreement.
It is important to note that a couple with a prenuptial agreement already in place can also get a postnuptial agreement, which can change the terms of the prenuptial agreement.
Can You Get a Prenuptial Agreement Without Being Married?
Couples can only enter into a prenuptial agreement if they are preparing for an upcoming marriage.
If a couple is unmarried and cohabiting, they can get a cohabitation agreement.
A cohabitation agreement is akin to a prenuptial agreement – a legal document that sets out what will happen to assets should a couple separate or if one party becomes ill and dies.
Reach out to Our Specialist Prenuptial Agreements Finance Team Today
Family law matters can bring financial uncertainties, which can be very overwhelming. Our team of prenuptial agreements lawyers have extensive experience in financial matters, to help guide you along the way with confidence.
To chat with our team, call us on 0333 202 6433 or email us at [email protected].
