Pre-Nuptial & Pre-Registration Agreements
A prenup sets out what should happen to a couple’s assets and income in the event that their marriage or civil partnership breaks down. They can help to bring certainty to couples thinking about marriage or a civil partnership and they can save time and money should the relationship break down.
Prenuptial (prenup) and postnuptial (postnup) agreements have become a common feature of modern marriages in the UK. In civil partnerships they are known as 'pre-registration' or ‘pre-civil partnership agreements’.
A prenup sets out what should happen to a couple’s assets and income in the event that their marriage or civil partnership breaks down. They can help to bring certainty to couples thinking about marriage or a civil partnership and they can save time and money should the relationship break down.
Are they enforceable in the UK?
Since the landmark Radmacher case in 2010 prenups are generally enforceable as long as they are fair.
How do you know if the agreement is fair? Some basic principles include:
- It should be reached and signed well in advance of the wedding
- Both of you should have the benefit of legal advice to make sure you fully understand what you are agreeing
- There needs to be full disclosure of your financial position to your partner and vice versa
No one getting married wants to think about separation but no one wants protracted litigation should a relationship break down. Without a prenup the Courts have a very wide discretion as how they distribute property and income, regardless of the legal ownership, or consideration of who brought what into the relationship. The best way to ensure you protect yourself is to enter into a prenup.
Like prenups, postnups deal with the division of assets and income in the event of a relationship breakdown, but are entered into during marriage rather than before.
Do I need legal advice?
If you are thinking about entering into a prenup or postnup it is important to take legal advice so that you can be sure that what you are agreeing to is fair. The Courts are unlikely to uphold an agreement that has been signed without both parties having the benefit of legal advice. Only with legal advice can you be confident that the agreement should be enforceable.
For further advice on obtaining a pre or post nuptial agreement, please contact Louise Allard or Sabrina Bailey on 020 7993 2936.
Filed Under: Insight
Postnups on the Rise
A postnup is signed after the wedding, and very much like a prenup, sets out the couple’s intentions as to what will happen to their their assets if they separate at a later date.
Like prenups they should be entered into freely, couples should have the benefit of independent legal advice and both parties should have a clear idea of the marital assets before any agreement is signed.
Advice should be taken to check they meet the necessary criteria, but the question is are we losing sight of romance and frankly why the increase in postnups now?
Do I need a Prenup and do they work?
No one wants to think about separating before they are married, but the reality is relationships do break down and pre-nuptial agreements (or prenups) are increasingly becoming a feature of modern marriages and civil partnerships.
It can be tempting to concentrate on the dress and the party, but marriage is a contract and a contract that confers significant rights on your intended. If a marriage or civil partnership does breakdown, then those without a prenup run the risk of years of protracted litigation over the marital estate. If you have significant assets before you marry, or perhaps you want to ensure existing children are looked after no matter what, then a prenup might be worth considering.
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As a specialist firm, we focus on all areas of family law and legal matters that affect private wealth. Our solicitors are experienced, realistic and focused on achieving the best results for you and your family.
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