Prenuptial

High profile cases in the press have focused people’s mind on what could go wrong once a relationship ends and how to protect their financial wealth. As a result the interest in pre-marital (or prenuptial) agreements is increasing. At this stage they are not actually binding in law. However the court will take it into consideration with other circumstances when determining the finances on divorce along.

The purpose of such an agreement is to protect the separate property (whether acquired through inheritance or own hard work) of either or both of the spouses on the dissolution of their marriage. It clarifies both parties understanding of their finances at the start of their marriage, giving parties certainty during their marriage and may save costs and acrimony should the marriage end in divorce.

So who should consider it? It can be useful in cases where for example:

one spouse has considerably more money than the other
one spouse owns a business
second marriage with or without children
one spouse is older with perhaps significant retirement savings
assets may come into the marriage in the future by way of inheritance
family heirlooms are to remain outside the marriage

Such a document can also be prepared for partners entering into a civil partnership and is then called a pre-civil partnership agreement.

To discuss the benefits of such a document, then speak to a member of our team on 01252 361200

P: Do not leave it too close to the wedding as that may mean that the validity of the document may potentially be affected.