DO I NEED A PRENUPTIAL AGREEMENT?
WHAT IS A PRENUPTIAL AGREEMENT?
Our family law Solicitors can advise you on all issues around prenuptial agreements.
A prenuptial agreement is a document, usually created before marriage, in which a couple sets out their rights to any property, debts, income and other assets purchased together or acquired independently or that they have contributed to the relationship in the event that the relationship ends.
IS THE AGREEMENT ENFORCEABLE?
At present a prenuptial agreement is not “automatically” upheld or enforced. However, where they have been prepared properly by a family law Solicitor the courts do take them seriously, and a recent case has resulted in the Court of Appeal suggesting that judges should presume that any agreement between the parties should form the basis of any award made by the court.
DO I NEED A PRENUPTIAL AGREEMENT?
Our family law Solicitor will advise you on whether or not a prenuptial agreement is appropriate in your particular circumstances.
In general, if the answer is “yes” to any of the following, a “prenup” could be suitable for you:
- I’m thinking of getting married and want to protect my property just in case it fails.
- This will not be my first marriage and I wish to protect myself from any claims regarding any previous settlements if this marriage doesn’t work.
- I don’t want to get into a lengthy and costly legal argument on “who gets what”, if I divorce.
- I want to ensure I have something to leave to my children from my first marriage if the new marriage breaks down.
- I am a widow/widower and wish to marry again. I need to protect my assets in case it doesn’t work out.
HOW DO I GET A PRENUPTIAL AGREEMENT?
You and your partner need to take legal advice. You must use different solicitors, this will avoid any accusations that one party or the other was pressurised to sign the agreement. It also means that both parties can ensure that the person with the most to lose is aware of the implications of the agreement they have signed should things go wrong.
WHAT IS THE PROCEDURE
Both of you need to declare your financial positions prior to the agreement being prepared. Consideration needs to be given to changes in circumstances that may take place whilst married. For example, if you have children, lose you job, inheritances, pensions and the purchase of further assets – how would these be dealt with if the marriage fails.
REGULAR REVIEWS
Our family law Solicitor will frequently advise that it is worth considering putting in regular reviews of the agreement. The length of a marriage can impact on whether or not the agreement remains enforceable and regular reviews can help with this.
ACT NOW
Finally, taking all the above into account – don’t leave it until the last minute, prenuptial agreements need to be carefully thought out, and if they are made too near to the wedding day, the courts are much more likely to consider them seriously.
Our family law Solicitor will be pleased to advise and assist you.
CALL 0161 832 3304 FOR A CONSULTATION WITH A SOLICITOR AT DAVIS BLANK FURNISS
