Prenuptial agreements – or prenups – are documents that detail all the assets, debts and income of each individual and together before a marriage, and states exactly how these will be distributed should the relationship break down and the couple divorce.
Contact Crombie Wilkinson Solicitors for advice about a prenuptial agreement. Our family law solicitors in York, Selby, Malton & Pickering can assist you with both prenup and postnuptial agreements to ease any tension in your relationship.
What is a prenuptial agreement?
A prenuptial agreement is a contract drawn up between a couple before they actually get married. Sometimes also referred to as a pre-marriage agreement, it’s drawn up using a solicitor.
Prenuptial agreements were once only associated with ‘the world of celebrity’. Nowadays an increasing number of couples are proactively choosing to have prenups drawn up before they get married to safeguard their assets for the future should the relationship run in to difficulties.
Though UK judges are now viewing prenuptial agreements with increasing recognition, do note that there is already a lot of matrimonial law in place courts can draw on regardless of any agreement previously made.
Sometimes also referred to a pre-marriage agreement, a prenuptial agreement is a contract drawn up between a couple before they actually get married. It is drawn up using a solicitor and details all the assets, debts and income of each individual and together and states exactly how these will be distributed should the relationship break down and the couple divorce.
If you are considering having a prenuptial agreement drawn up, make sure you get the right advice for you and your circumstance before you commit to signing any documentation. You must make sure you know what you are signing up to and that neither party signs under duress. It is important that both people make a full financial disclosure.
There are limitations to prenuptial agreements, but they are becoming increasingly popular and can play an important role in any future marital breakdown.
Why sign a prenuptial agreement?
Prenups aren’t just for the rich and famous. The most common reason for a prenuptial agreement is when one spouse has significantly more wealth or assets prior to the marriage. This means they stand to lose a lot more if the marriage should end in divorce. A prenup protects these savings/assets that have been built up before the marriage.
Is a prenup legally binding in the UK?
Prenuptial agreements are technically not enforceable in UK courts. However, prenups hold a significant amount of weight in court proceedings and judges in the UK will largely seek to uphold them providing there are no issues, and the prenuptial agreement was drawn up and signed with the correct precautions.
What can be included in a prenuptial agreement?
Anything you wish to protect in the case of a divorce can be included in your prenuptial agreement, this includes but is not limited to:
- Your home
- Any other property you may own
What is the difference between a prenuptial agreement and a post nuptial agreement?
A prenup is drafted and signed before the marriage takes place. If a couple is already married and decides they need similar protection, then they can have a postnuptial agreement drafted. A postnuptial and prenuptial agreement accomplish the same thing.
How much does a prenup cost in the UK?
You will need to speak to a solicitor to get a cost for your prenup agreement as everyone’s will vary based on their own personal circumstances. Where people have a variety of assets including investments, property, businesses, shares etc, then they can become complex and expensive.
For high-net-worth individuals, prenups are often used to help protect their wealth in the case of divorce. In these cases, the initial cost of the pre-nuptial agreement is often outweighed by the potential loses they could face if they get divorced.
Get in touch with our prenuptial agreement solicitors in York, Selby, Malton & Pickering today.