Prenuptial agreements are marriage contracts that set out how your finances will be resolved if you and your partner get divorced. Prenups are usually sought when one or both of the partners have substantial wealth prior to the marriage and they seek to protect that wealth in the unfortunate event of the marriage failing.
A prenuptial agreement is not automatically legally binding in England and Wales, however, it will be upheld by a court as long as the following safeguards are met:
Each party received legal advice about the prenuptial agreement from the outset.
The agreement must be fair.
The agreement was made at least 28 days before the marriage.
Both parties made full and frank disclosure to the other of their financial wealth - no assets were hidden.
Neither party was under pressure or duress to sign the agreement against their will.
There have been no significant changes rendering the agreement inappropriate (e.g. the birth of any children, disability or loss of employment).
The prenuptial agreement is reviewed and amended during the course of the marriage, particularly when children are born.
If you intend to get married and want to keep previously acquired assets, such as property, separate then you can record this in a prenup.
When you marry, your assets become 'matrimonial assets' and unless specifically protected, can be considered for division as part of divorce proceedings. The main purpose of a prenup is to limit potential claims on the assets of one of the parties to the marriage, thereby avoiding costly litigation.
The law is clear - for a prenup to be legally binding, both parties must have had the benefit of independent legal advice to understand its terms, effect and to ensure it is fair.
One of our experienced family lawyers will be able to review your prenup, advise on any amendments and provide you with independent legal advice. We will help you understand the implications of the prenup, as well as flag any potential liabilities that may need your attention, and how to best handle them. Our lawyer will then provide you with a Certificate of Independent Legal Advice.
Simply submit your name and contact details above. A family lawyer will then contact you for a free consultation to talk you through the process, discuss fees and set in place a plan of action.