Prenuptial Agreements

Most people associate prenuptial agreements with the rich and famous of Hollywood. However,  The cost of living and other financial pressures are prompting more couples to consider the practicalities of marriage, including the finances involved.

A Prenupital Agreement (also known as a “pre-nup”) is a written contract that couples enter into before marriage or civil union, which sets out how the matrimonial assets shall be divided in the event of divorce or dissolution. The purpose is to provide clarity and certainty for couples, rather than leaving matters to the discretion of the Courts.

Generally, prenuptial agreements are recommended when one partner has or is likely to acquire more assets than the other and seeks to protect their wealth or assets acquired outside of the marriage.

Prenuptial agreements are not legally binding in England and Wales, they are however persuasive in the Courts. They are becoming progressively more accepted by the Courts as proof of a couple’s intention should they wish to divorce in the future and we expect to see pre-nups used on an increasing basis in future.

The Law Commission has published a report, which recommends that the following requirements must be met in order for a prenuptial agreement to become enforceable;

• The agreement mut be contractually valid
• There must be no undue influence or misrepresentation
• Both parties must enter into the agreement freely and willingly
• The agreement must be made no later than 28 days prior to the marriage
• There must be full and frank financial disclosure by both parties
• Both parties must receive legal advice at the time the agreement was formed
• The terms of the agreement must not prejudice the needs of any children of the relationship.

It is possible to enter into a similar agreement after the marriage has taken place. This is known as a post nuptial agreement and we can assist with the drafting of this also.

Whether you are a business owner, a landowner, expecting a large inheritance, entering a second marriage or perhaps marrying later in life, you may want to consider a prenuptial agreement to protect your assets in the event of divorce. No one enters into a marriage anticipating divorce however, preparing one can save you stress, time and money in the event of a marriage breakdown.

We also act for those who have been asked to enter into pre-nuptial agreements and are unsure whether it is in their best interest to do so. We can advise you on the fairness and validity of any draft agreement and help you negotiate better terms.

Please contact a member of our Family Law team today to arrange a confidential meeting to discuss your individual needs.  

We have offices in Bath, Chippenham, Cheltenham, Swindon, Salisbury and Newbury.