What are the benefits of a prenuptial agreement?
Prenuptial agreements are increasingly popular and are favoured by business owners, those with landed estates, high profile individuals or those with inheritance and other large lump sums such as compensation holders. Benefits include:
- Minimising uncertainty and preventing disputes and uncertainty over assets and finances;
- Protecting a business, family farm or landed estate;
- Safeguarding assets, inheritance or large lump sums such as compensation damages;
- Preserving assets for children from a previous relationship and ensuring that inheritance is distributed according to your wishes, particularly in the case of second
- Gaining more control over your financial future and protecting yourself from being held responsible for your partner’s debts.
Are prenuptial agreements legally binding?
Although prenuptial agreements are not currently binding in England and Wales, when properly drafted by a specialist family solicitor, a prenuptial agreement can be persuasive evidence to the court in showing how a couple agreed to divide their property and other assets before the breakdown of their relationship.
At the moment judges will consider the agreement as one of the factors to be taken into account as long as both parties have been open about their assets and neither have felt under pressure to enter into the agreement.
Why should I get a prenuptial agreement?
Aside from confirming your intentions before marriage, as you go through your life, your relationship may evolve, and your financial position may change.
For example:
- You may be investing in a sole business interest and you do not know how this will grow in future years.
- You may be promised inheritance and would like to reach an agreement with your future spouse that should you separate, that any inheritance or business interests, should be treated as separate property.
How we will work with you and your partner to draft your prenuptial agreement?
Our solicitors will begin by getting to know your unique situation, then suggest an agreement specifically tailored to your needs. This could include:
- Prenuptial agreements
- Postnuptial agreements
- Cohabitation agreements
- Pre-civil partnership agreements
We will help you and your partner to consider questions such as:
- How will any property be divided?
- What will happen to your bank accounts?
- How will shares and all other assets of value be divided?
- Which assets are owned jointly, which are owned solely and by who?
- Whether one party will pay maintenance and, if so, how much and for how long?
We understand that this is a sensitive and highly personal document. We will present you with your options in plain English and give you and your partner time to discuss and ask questions. All our advice is delivered in a straightforward manner to ensure that you are left with a final agreement that is clear as to your agreed wishes and prevents disputes in the future.
If you have been unable to agree a prenuptial agreement 28 days before marriage, we may advise you to obtain a postnuptial agreement shortly after marriage to confirm your intentions.
How to tell your fiancé you would like a prenuptial agreement?
How you tell your partner you would like a prenuptial agreement is your choice and we appreciate the sensitivities involved. We can discuss this with you and help you and your partner to approach the agreement openly, honestly and fairly, with the aim of achieving a collaborative approach to the agreement.
