While many founders and business owners will implement succession plans to sell or pass their business to a new generation of owners, sometimes it is clear that you have reached the end of the road and the best decision is to call it a day and close the...
Contact Crombie Wilkinson Solicitors for advice about a prenuptial agreement. Our family solicitors at Crombie Wilkinson in York, Selby, Malton & Pickering can assist you with prenup and postnuptial agreements to ease any tension in your relationship.
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 which the court can draw on regardless of any agreement previously made.
What is a prenuptial agreement?
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.
Are prenuptial agreements 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.
Should you get mediation for prenuptial agreements?
A mediator is not always necessary, however, drafting a prenuptial agreement can be a complicated issue. If you feel that you are in need of a prenuptial mediator, we can help. Read more about our mediation services.
Get in touch with our prenuptial agreement solicitors in York, Selby, Malton & Pickering today.