A prenuptial agreement is a legal document which is drafted between a couple before their marriage. The agreement will include how each of their assets will be divided in the event of a divorce.
The purpose of a prenuptial agreement is to provide clarity for spouses on how their assets will be divided in the event of divorce.
Protecting inheritance and savings
Both parties can have a say in how assets will be split if you decide to divorce
Protecting yourself from partners debt
Control of business
You could get a prenuptial agreement if you want to establish how your assets, finances ad property will be dealt with during marriage and In the event of a divorce.
An agreement can help protect you our your spouses wealth in the evet of a breakdown. It can offer some certainty on how assets will be divide rather than leaving this to the discretion of the court.
A prenuptial agreement can be drafted so that it can tailor you to your partners needs it could include
Property held In your sole name or in joint names
Prenuptial agreement can cover a wide range of things however there are certain things that cannot be included such as
A prenuptial agreement is a contract between you and your partner and will last for the duration of the marriage.
A prenuptial agreement cannot be changed once it has been agreed or once you are married. Postnuptial agreements are a great alternative to change the terms. Postnuptial agreements are treated the same way legally but they are created after marriage.
In order for the court to give full consideration of your agreement
It is advised that your agreement should be drafted by a family law expert
Both parties should seek independent legal advise
Fully understand the agreement and to agree willingly
Disclose all assets and properly fully.
It will protect future earning if you include a clause for future income.
Prenuptial agreements are not legally binding in the UK, however they are a good way to show the court proof of a couple’s intentions should the relationship breakdown.
Certain requirements must be met for prenuptial agreements to be enforceable
The agreement must be contractually valid, it must be entered feely and willingly by both parties.
The agreement must be made by deed and contain a statement signed by both parties of their understanding that it is enforceable and that it will ultimately be up to the courts discretion to make financial orders.
The agreement must not hae been made within 28 days immediately before the marriage or civil partnership
Both parties must have received, at the time of the making of the agreement, disclosure of material information about the other party’s financial situation
Both parties must receive legal advise at the time the agreement was formed
The terms of the agreement must not prejudice the reasonable requirements of children.