Romantic Contracts: Pre-nuptial Agreements

Divorce solicitors and Valentine’s Day are not typically topics mentioned in the same sentence.  However, as pre-nuptial agreements become more widely used, what better time to consider preparing a pre-nuptial agreement than Valentine’s Day, when many couples get engaged.

What is a Prenup?

A Pre-Nuptial Agreement (or Pre-Nup for short) is a legal document prepared before a couple marry, which states which spouse owns which assets, and how they should be shared between the couple should they ever decide to divorce.

Civil Partners can also use these documents, which are then known as ‘pre-registration agreements’.

Do I need a Pre-Nuptial Agreement?

Historically, Pre-Nups were thought to be needed only by the rich and famous. However, with many couples choosing to marry later in life, after property and wealth have been accumulated, they are increasingly relevant.

They can also be useful if one party has been married before, and they want to preserve an earlier divorce settlement or inheritance, perhaps for the benefit of children from a previous relationship.

As such, Pre-Nups are becoming less rare, and will be worth thinking about in an increasing number of cases, to help protect:

• assets acquired prior to marriage
• expected inheritance
• trust funds
• assets you want to leave to children from a previous relationship.

Are Pre-Nuptial Agreements Legal?

Prenups are not legally binding in the UK, but are increasingly being taken into consideration by the Court when it has to decide how to deal with finances on divorce, as they provide evidence of a couple’s intentions prior to marriage.

For a Pre-Nup to be considered, it has to meet stringent criteria, including fairness, and it has to be made at least 4 weeks before the wedding. It is also necessary for each party to have provided full financial disclosure, and for each individual to receive independent legal advice.

How can Johnson Astills Help?

Here at Johnson Astills, we have solicitors who are experts on Pre-Nups, advising on protecting assets, and in making sure that someone asked to sign a Pre-Nup knows what they would be agreeing to.

If you would like to find out whether a Pre-Nup could be useful for you, or if you are asked to agree to one, please contact our specialist Family Law Team on 0116 255 4855 (Leicester) 01509 610312 (Loughborough) Email: legal@johnsonastills.com.