The call for UK law on Prenuptial Agreements to change is gaining momentum.
Recent decisions in the Supreme Court mean that Judges are under a greater duty than ever before to give due weight to any Prenuptial Agreement into which a spouse has entered freely. This effectively means that married couples and civil partners are increasingly able to regulate the future enjoyment of their assets.
Prenuptial Agreements are formal, written agreements - or contracts - entered into by two partners before marriage or civil partnership. The agreement sets out ownership of all belongings (including money, assets and property) and explains how it will be divided in the event of a marital breakdown. A 'prenup' provides a clear agreement that can leave both partners with peace of mind and reduce complications should a breakdown occur.
A prenuptial agreement may also set out post-divorce/dissolution arrangements for any children, from both current and previous relationships. However, a prenuptial agreement is not binding on a court or one another so far as arrangements for children are concerned. While it may be helpful to have something in place in that the other person might feel more obliged to be fair, a court will just look at what is right for the children at that particular point in time and will not care what the parties agreed between them potentially years previously. Courts still have the power to waive any prenuptial agreement, especially if it is seen to be unfair to any children of the marriage.
When a marriage breaks down, the starting point would be an equal division of assets in the absence of a prenuptial agreement. If, for any reason, this is unequal to the amount of property, money or assets that you contributed to the relationship then a 50:50 split may seem unjust. While it may be 'unromantic' to think about the possibility of divorce or dissolution, if it was to happen and you were left in a worse, or unfair, financial position compared to your ex-partner, contesting the division of assets can cost an enormous amount of money to fight out in court.
The Family Team at Fosters offers a service in which we will negotiate, draft and advise you on suitable terms for a Prenuptial Agreement consistent with all your needs post separation and divorce or civil partnership dissolution.
If you want more advice about Prenuptial Agreements, please feel free to speak in confidence to one of our Family Lawyers.
Prenuptial Agreements Frequently Asked Questions
- Who Can Enter Into A Prenuptial Agreement?
- What Is A Prenuptial Agreement Or A "Prenup"?
- Are Prenuptial Agreements Binding?
- Can I Change A Prenuptial Agreement Once I Have Entered Into It?
- Can I Make A Prenuptial Agreement Once I Have Got Married?
Fosters Solicitors Team of Family Lawyers have a wealth of experience and knowledge to assist you in relation to any legal query or matter you may have. Call us on 01603 620508 or complete our online enquiry form and a member of the department will be in touch very soon.
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