What is a prenup?
Considered unromantic by many, prenuptials or prenups (also known as ‘nuptial agreements’) can be invaluable for couples planning to get married who want to enter into an agreement to determine financial arrangements, should the marriage break down.
Whilst prenuptials are more common, couples can also draw up a nuptial agreement after they are married, referred to as a postnuptial.
Nuptial agreements are particularly advisable where one or both parties have significant pre marital assets that they wish to protect. These can include property, business or inherited assets. The agreement can also incorporate a couple’s future expectations (i.e. children) and the financial implications on them should the marriage end.
Over the last few years we have seen a rise in the number of clients requesting a prenuptial agreement.
The reason for this is that English law has developed significantly in terms of the status and weight given to marital agreements, including nuptial agreements. Whereas in the past, these agreements were often ignored, now it’s increasingly likely that they will be upheld in court.
However, it is worth consulting a specialist family lawyer such as Betteridges to draw up your agreement, as courts in England are more likely to follow the terms of a nuptial agreement if there is proof of the following:
- That you have both received independent, specialist legal advice;
- That no one was put under any pressure to sign the agreement;
- That the agreement is in line with what a court would consider to be fair;
- That each of you fully understand the implications of the agreement.
We would also advise contacting us to review your current nuptial agreement every five years or if your circumstances change in any way; for example, if you have children together.
If you are considering a nuptial agreement or you have signed an agreement and require advice, or if you would like to review your current agreement, please contact us on 0333 12 12345 (+44 1992 505 406 if you are overseas) or email firstname.lastname@example.org to arrange a free face-to-face or telephone assessment