Whilst prenuptial agreements may seem unromantic, they are arguably the best way to ensure that should your marriage end, there will be as little conflict as possible over property and money.
A prenuptial agreement (often called a prenup) is a contract made between two parties before they marry. A prenup specifies an agreed settlement with regards to property and other assets in the unfortunate event that your marriage breaks down.
While they are often regarded as simply a way for rich people to protect their assets when they marry someone less wealthy, that isn't the only purpose of a prenuptial agreement. In fact, a prenuptial agreement can be a good way to start your marriage in a spirit of openness and honesty.
This is especially true if it is drawn up in such a way as to ensure that you would both be able to move on in your lives with financial security in the event of divorce.
Who should get a prenuptial agreement?
It's certainly true that very wealthy people are more likely to seek a prenuptial agreement than those without many assets, but these agreements are also recommended for people in a variety of circumstances, such as:
You have substantial wealth and assets that you wish to protect
You run a business and want to ensure its future is protected
You have children from a previous relationship and want to ring fence assets for them
You are marrying someone from abroad and want to be protected from financial awards made in another legal jurisdiction
Naturally, there are many other reasons why one or both of you might wish to have a prenuptial agreement. If you are unsure if this approach is right for you, feel free to talk to one of our expert prenuptial agreement lawyers who can guide you through the pros and cons of prenuptial agreements.
What can be included in a prenuptial agreement?
A prenuptial agreement should include details of how any property or financial assets you and your partner own are split in the event of a divorce. Your solicitor can provide you with advice and guidance on what to include depending upon your personal circumstances, though common areas to include are:
Ownership of property, including any property each spouse brings into the marriage and what would happen to the family home in the event of a divorce
Money, including investments held separately, savings and money kept in joint accounts
Responsibility for any debts, including those incurred separately before the marriage and those during
Any ring-fenced financial assets or property for children from a previous marriage or relationship
For anyone needing help with family issues I could not recommend Slater and Gordon highly enough. I always had the feeling I had the best looking after my interests and they certainly didn't disappoint.
C I (family and personal matters case)
Matters were dealt with efficiently with a view to keeping costs to a realistic level and I am well satisfied with the final settlement she managed to achieve on my behalf.
J B (family and personal matters case)
The best solicitors to fight your corner! I struggled with a nasty unmarried couple dispute alone for over a year before biting the bullet and paying for proper legal support. I had one previous experience with a cheaper less well known solicitor and I just felt completely let down and not a priority. But with S&G - from start to finish, I felt supported 100% and valued.
B L (family and personal matters case)
No, prenuptial agreements aren't legally binding in the UK. Having said that, the courts don't dismiss prenuptial agreements out of hand either.
If you disagree over money and property and seek a financial settlement on divorce in court, the judge will carefully consider any prenuptial agreement you were both party to. They will consider factors such as:
Did both partners enter the agreement voluntarily? Did both partners understand the implications of the agreement?
Are the terms of the agreement fair?
Was there full disclosure of assets and liabilities from both parties?
Did both parties sign the agreement willingly and without being pressured?
Did both parties obtain legal advice?
If the answer to all these questions is 'yes', there is a strong likelihood that a UK court will uphold the agreement.
However, it's wise to make sure that the terms of the agreement really are fair, and that your prenuptial agreement is signed by you both at least 28 days before you marry, but preferably long before you marry, as this not only allows for a 'cooling off period' it will also make it clearer to the court that no last minute pressure was applied and that both parties entered into the agreement of their own free will.
Can I take out a prenup after we're married?
No, prenuptial agreements can only be made before you marry. However, it is still possible for you to make a postnuptial agreement if both parties are willing to do so.
Contact Slater and Gordon’s prenuptial agreement solicitors
Talk to one of our expert prenuptial agreement lawyers by calling 0330 041 5869 or by contacting us online today and we will be happy to call you and discuss your next steps without obligation.
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Frequently asked questions about prenuptial agreements
What cannot be included in a prenuptial agreement?
At its core, a prenuptial agreement defines how financial resources and assets can be fairly split between you and your partner in the event of a separation. It is not designed to be used to dictate other matters, such as child arrangements or personal issues, and where it attempts to do so, the courts are far more likely to consider the entire document void.
Things that should not be included in a prenuptial agreement include:
Decisions of child custody, care or support (including waivers on child maintenance)
Details about personal or lifestyle matters
Anything pertaining to illegal or unfair matters
Descriptions of different outcomes that depend upon the reason for the marriage breakdown (you cannot, for instance, decide a partner should be treated unfairly if the reason for the marriage breakdown was adultery)
Why do I need a prenuptial agreement?
While no one wants to think about a relationship ending, and it may not seem the most romantic way to approach your marriage, a prenuptial agreement can be hugely beneficial for both you and your partner.
It can help to ensure you are both on the same page when it comes to how assets are held and managed during your marriage (such as joint bank accounts and ownership of property), and it can help to avoid costly and prolonged disputes in the event the relationship ends.
If you’re unsure whether a prenuptial agreement is right for you and your partner, speak to our team today to learn more on 0330 041 5869 or use our online form.
How are prenuptial agreements different from postnuptial agreements?
Like prenuptial agreements, postnuptial agreements can be very useful in helping you and your partner address financial concerns or changes, as well as protecting the financial interests of any children from previous relationships.
The only key difference is when the agreements are signed; as you might expect, a prenuptial agreement must be signed before you marry, while a postnuptial agreement can be signed at any point during your marriage.
For anyone needing help with family issues I could not recommend Slater and Gordon highly enough. I always had the feeling I had the best looking after my interests and they certainly didn't disappoint. C I (family and personal matters case)
Matters were dealt with efficiently with a view to keeping costs to a realistic level and I am well satisfied with the final settlement she managed to achieve on my behalf. J B (family and personal matters case)
The best solicitors to fight your corner! I struggled with a nasty unmarried couple dispute alone for over a year before biting the bullet and paying for proper legal support. I had one previous experience with a cheaper less well known solicitor and I just felt completely let down and not a priority. But with S&G - from start to finish, I felt supported 100% and valued. B L (family and personal matters case)