All You Need to Know About Prenup Agreements

Wedding season is the busiest time of year for solicitors in the UK, mainly because of an uptick in couples seeking professional assistance for their prenuptial agreements.

It’s highly unromantic, but necessary nevertheless. Prior to tying the knot, many couples go through these legal proceedings together to ensure that their financial assets are well protected in case their marriage breaks down. It is not a bad omen, but a sign that the couple is well-informed about their rights and their need to exercise them.

Learning about Pre-Nuptial Agreements

1. What is a Prenuptial Agreement?

A prenuptial or premarital agreement is a written, formal agreement that is signed between partners before their marriage. The agreement divides the ownership of various belongings in the event of a breakup. The belongings include money, property, assets and more.

2. Are Prenuptial Agreements Legally Binding in the UK?

Yes, prenuptial agreements carry considerable weight in the UK family court and can be enforced under the divorce law in Britain. However, the court does have the right to waive the agreement if the division of assets is deemed unfair to any offspring that have resulted from the marriage.

3. What are the Reasons for Getting a Prenuptial Agreement?

You have the right to protect your investments and funds, especially if you suspect that spending and earning that money may be an issue between you and your soon-to-be spouse. For example,

• If you have assets that cannot be split 50/50
• You or your partner have children from a previous relationship and you want to ensure that their inherited rights are protected
• You want to protect your money and inherited assets
• You want to secure your earnings and savings, or any future inheritance
• You or your partner have a business which they’d like to have control of
• You want to protect yourself from your partner’s outstanding debt

4. What Happens if You Don’t Get a Prenuptial Agreement?

If you do get married without a prenup and that marriage breaks up, you could be looking at an equal division of assets between both members of the couple, something which either may not agree to, especially if the reason for breaking up has caused emotional turmoil. In such situations, a 50/50 split may seem unfair and undeserved.

5. What Should You Know Before You Enter into a Prenuptial Agreement?

According to professional solicitors at Wembley Solicitors, your prenuptial agreement must satisfy the following checklist,

• It must be drawn up by a professional solicitor
• Separate solicitors must be employed by both parties to avoid conflict of interest
• Both individuals should have complete understanding of the agreement and should voluntarily agree to the clauses
• The agreement should be signed 21 days before the wedding, at least
• All assets must be disclosed to and by both parties before signing the agreement

We Can Help You!

As professional solicitors in the UK, we have the expertise you need to draw up a legal prenuptial agreement.

To a family law solicitor, call Wembley Solicitors at 020 3417 3700!