A prenuptial agreement is a method for couples to protect their personal assets in the event that their impending marriage breaks down. Under the current law UK courts do not have to honour a prenuptial agreement if they do not think it is just and equitable to do so. Nevertheless, these agreements if drawn up properly do carry a lot of weight, unfortunately many couples make the mistake of not getting legal advice prior to making a pre nup and therefore the court can see the content as invalid.
So when deciding how to make a prenuptial agreement, the following points should be included.
– Both parties should ensure that all details of their personal assets are listed when devising a prenup. If they fail to do this the courts may refuse to consider the agreement should a divorce case ever ensues.
– The prenup must be drawn up no later then 21 days before the wedding. If this is done later it may be subsequently claimed that agreement was made while one of the couple was under duress.
– Make sure that all the provision of the agreement are written down and included in the prenup. This is vital if there ever is a divorce and the agreement has to be presented to a court.
Preparing to marry is a time of romance and the thoughts of divorce will be the furthest from a couple’s minds. Nevertheless, we have to be realistic. Unfortunately 50% of modern day marriages in the UK end in a divorce, therefore it is sensible to prepare for the worst. This will probably be considered by those who have been married before, however for those entering into their first marriage they should think about making a prenup.
A A prenuptial agreement is more crucial for those with many assets whom are about to enter into a marriage. It will make sure they can keep these in the event of a divorce. Without the prenup he or she could lose at least half of them. Also those assets acquired during the marriage may also be protected by a prenup, provided this is stipulated in the original agreement.
Making a prenuptial agreement is a sensible precaution should the marriage turn sour and end in divorce. With these agreements still having no formal legal standing in the United Kingdom, it is clear that following the much-publicised Radmacher case, but UK courts will pay increasing amounts of attention to them. If you do decide to enter into a prenuptial agreement, it is absolutely essential it stands up to scrutiny when being looked at by a court. This must be considered when deciding how to make a prenuptial agreement.
Thinking of making a UK Prenuptial Agreement? Contact Bonallack & Bishop – specialist UK pre-nuptial agreement solicitors. Tim Bishop is senior partner at the firm, responsible for all major strategic decisions. He has grown the firm by 1000% in 13 years and has plans for further expansion.