While it may seem less than romantic, before getting married it’s sensible to discuss what would happen if your relationship breaks down in the future, including how assets would be split.
A prenuptial agreement can simplify the separation process and significantly reduce stress and conflict. If your marriage ends in divorce, you’ll appreciate having one in the future.
We appreciate this can be a sensitive subject, but planning ahead is important.
At Mark Reynolds Solicitors, we’ve a team of specialist prenuptial agreement solicitors who can provide you with appropriate advice and, if necessary, devise a prenuptial or pre-civil partnership agreement.
What is a prenuptial agreement?
A prenuptial agreement, sometimes also called a premarital agreement, is an agreement between two people before they get married about how assets will be split if the marriage breaks down.
Prenups were once considered something for the rich and famous, but have gained in popularity and are now common among couples of all ages, levels of wealth, and walks of life.
They can ensure that everyone has financial security if a relationship breaks down.
A prenuptial agreement is a wise choice for anyone entering into a marriage. Although admittedly, they can be particularly important for couples with substantial wealth or assets.
Prenuptial agreements can be used to protect various types of assets, including:
- Property
- Savings held in bank accounts
- Inheritance
- Trust funds
- Premium bonds
- Stocks and shares
- Pension pots
- Income
When creating an agreement, assets owned solely and jointly should be considered.
A prenuptial agreement cannot include child custody, support, or care arrangements.
Prenuptial agreements last indefinitely unless an expiration date is included within the agreement.
What is a pre-civil partnership agreement?
Those entering a civil partnership rather than a marriage can create a pre-civil partnership agreement, sometimes also called a pre-registration agreement.
A pre-civil partnership agreement works in the same way as a prenuptial agreement.
Why get a prenuptial agreement?
Whether or not you get a prenuptial agreement before marriage is a personal decision.
While a prenup can offer benefits to any divorcing couple, there are some circumstances under which they are particularly beneficial; these include:
- You have substantial wealth or assets
- You are a business owner
- You want to protect a child’s inheritance
- Your partner has substantial debt
- You want to protect your inheritance
No matter the reason you’re considering a prenuptial agreement, getting one can protect you against stress and conflict if your relationship breaks down.
Are prenuptial agreements legally enforceable?
Prenuptial agreements are not legally binding or enforceable in the UK.
However, if you disagree on how to split assets in the future, you would need to seek a financial settlement in court. The judge would then consider the prenuptial agreement, provided it’s valid.
Often, when present, a prenup forms the basis of a financial agreement after a marriage breaks down.
For a prenuptial agreement to be enforceable, it must meet certain criteria, these are:
- It is contractually valid
- Both parties entered into it willingly
- It must be made by deed and contain a statement signed by both parties
- It must have been made at least 28 days before the marriage
- When the agreement was made, both parties must have received disclosure of information about the other party’s financial situation
- The terms of the agreement must not prejudice the reasonable requirements of children
Can you change a prenuptial agreement?
Once you’ve made a prenuptial agreement, it cannot be changed; however, if you want to change the terms, you can create a postnuptial agreement.
Why choose Mark Reynolds’ prenuptial agreement solicitors?
If you think a prenuptial agreement would benefit your relationship or want to ensure future financial stability for you and your partner, speak to our team of prenuptial agreement solicitors at Mark Reynolds Solicitors.
They can provide legal advice and draft a prenuptial agreement that meets your requirements and protects both parties.
We are a leading law firm in the North West of England, with offices in Liverpool, Runcorn, Warrington, and Leigh.
Call our team today on 0800 002 9577 to arrange a free initial consultation.