Why get a prenup?

 

Most couples could benefit from a prenuptial agreement. No one wants to imagine splitting up, especially in the lead-up to getting married. But it is a ‘just in case’ precaution that can protect your assets and make sure you’re financially provided for if the relationship doesn’t work out.

 

For some people, it’s crucial to have a prenup in place before getting married. For example:

 

  • If you have an inheritance to protect
  • If you’re a business owner
  • If there’s an expectation of future wealth
  • If there’s already a disparity in wealth between you and your partner.

 

Are prenups legally binding?

 

Before you draw up a prenuptial agreement, you’ll want to know – is it worth it? Do prenups carry any weight in the eyes of the law?

 

Prenuptial agreements on their own are not legally binding in the UK. But importantly, the family law courts must give appropriate weight to the terms in a prenup when determining a settlement or resolution to a divorce case. One person can also contest the terms of a prenuptial agreement, which may be upheld if the terms of the agreement are judged to be unfair to one party.

 

If you want to make sure that your prenup is as legally watertight as possible, you need to make sure it meets all of the following conditions:

 

  • Both parties have fully and honestly disclosed details of all their financial assets and debits
  • Each person has independent legal advice
  • Both parties are entering into the agreement voluntarily – no one should be put under any pressure to sign the agreement
  • The agreement meets the needs of both parties and any children
  • The agreement should be signed at least 28 days before the marriage.

 

If the agreement is valid and properly drawn up, it should in theory be upheld by the courts.

 

How to draw up a prenup

 

As per the conditions outlined above, it is necessary for both parties to have independent legal advice when drawing up a prenup. So, you’ll need a family law solicitor to help you make sure that your prenup is valid, properly drawn up and represents your interests fairly.

 

What to include in a prenuptial agreement

 

Prenup agreements can cover whatever you want, but should ideally include arrangements for:

 

  • Property – this includes houses brought into the marriage, plus arrangements for shared property (including the family home)
  • Money – this includes funds held in personal and joint current and savings accounts, plus investments, inheritances and pensions
  • Debts – this includes money owed on mortgages, credit cards and any other debts
  • Children – prenups can be used to set out the rights children have to property and assets in the case of divorce.

 

How much does it cost to get a prenup?

 

It all depends on your circumstances. If you have fairly straightforward assets and arrangements, it should be cheaper than couples who have a complex financial situation. It’s also likely to cost more if your assets are worth more than £1 million.

 

Need help with a prenup? Contact Liverpool family law solicitor Tracey Miller Famil Law for a free initial consultation. Call 0151 515 3036 or email info@traceymillerfamilylaw.com and we’ll get right back to you.