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What are prenuptial agreements (prenups)?
Prenuptial agreements are contracts that a couple can sign before their marriage or civil partnership, which set out how their assets will be divided if they divorce or dissolve a civil partnership. The scenarios where a prenuptial agreement can be useful include where people marry later in life, bringing pre acquired assets to the union, or where one party has inherited or family assets they wish to protect.
What are postnuptial agreements?
These agreements work in the same way as prenuptial agreements, but they are entered into after marriage. If circumstances change in a marriage, e.g. an increase in wealth or inheritance, or incorporation of a new company, these agreements can be useful. A couple may also realise they wish they had created a prenuptial agreement after their wedding has taken place.
Are prenuptial agreements legally binding?
Prenuptial agreements are not automatically binding in England and Wales. However, they are likely to be upheld where they are freely entered into with a full understanding of the implications and provide a solution to the division of assets that would be considered fair by the court. It is therefore extremely important that both parties receive legal advice and the benefit of financial disclosure.
How can our solicitors help?
At Wallace Robinson & Morgan, we know how important it is to approach all these conversations with care and expertise. We’re here to support and guide you every step of the way.
Here’s how our solicitors can help:
• Expert Guidance
Our experienced solicitors have detailed knowledge and understanding of the approach that a court would take and what it would consider to be fair. This means we can provide clear advice and ensure that your prenuptial agreement stands the best chance of being upheld if ever considered by a court.
• A Calm and Practical Approach
We focus on clear communication that is maintained throughout your case. We take a collaborative and constructive approach and aim to keep things as stress-free as possible for you and your family.
• Tailored Solutions
Every family is different, and we work with you to find solutions that suit your unique situation. Consideration is given to the needs of all involved, particularly any children, and the resources available to help to meet those needs. We discuss your personal priorities and aim to help you to meet those objectives where possible.
We can help you work out if a prenuptial or postnuptial agreement might be useful for you.
Frequently Asked Questions
Understand the essentials of prenuptial and postnuptial agreements with our expert FAQs. Get the answers to secure your financial future.
Prenuptial agreements are entered into before the marriage and postnuptial agreements are entered into after the marriage has taken place.
Prenuptial and postnuptial agreements are often associated with wealthy individuals. However, these types of agreements can benefit people of all financial situations, as they act to protect assets and clarify matters on divorce.
We say the answer is yes. These types of agreements are not legally binding with the court. However, if they have been freely entered into with a full understanding of the implications, they can carry a lot of weight with the court and are often followed. The exception to this is where the court feel following the agreement would be unfair to either party. It is therefore extremely important that both parties have legal advice, complete a disclosure process and the agreement is carefully drafted.
The agreements last as long as the marriage or civil partnership or until they are varied on a subsequent review. You can set a specific point at which you consider the prenuptial agreement will be terminated if the marriage subsists beyond a specified term.
Protection
These agreements can cement the parties’ intentions in the event of a breakdown of the marriage or civil partnership. The court often follows these agreements and they can be significantly useful in protecting each parties’ assets.
Ease
In the event of divorce or civil partnership dissolution, tensions can often rise. These agreements can help facilitate more streamlined resolution as the intentions of each party have been previously set out.
Clarification
These agreements can clarify how finances will be handled during the marriage. Marriages can often run into issues due to finances and having a clear plan from the outset, can encourage a more cohesive approach.
Cost
Whilst it is accepted there is a cost to the work involved in producing a prenuptial agreement it is likely to be far less than the cost that would be incurred if protracted negotiations or contested court proceedings are required upon divorce.
What to do next?
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