The current covid pandemic has caused numerous weddings to be postponed. With more time before the big day, engaged couples are using it to consider and discuss the benefits of entering into a prenuptial agreement.
What is a prenup?
A prenuptial agreement is a contract that a couple signs before getting married to confirm how they will deal with their financial arrangements in case of a divorce. Prenups set out what assets there are at the date of the agreement, who owns them and what will happen to them. The prenup should also deal with the division of any future assets acquired over the course of their marriage.
In England and Wales prenuptial agreements are not strictly binding in the event of a later divorce, but the agreement is likely to be upheld if certain criteria is met unless the effect of the agreement would be unfair.
It is important that a prenup is signed in good time before the wedding day to ensure you are each given the chance to consider the agreement and take independent legal advice.
Why would I need a prenup?
Financial problems can often cause rifts in relationships causing them to breakdown. A prenup can be useful in encouraging couples to discuss their finances openly before tying the knot. It can help to resolve any issues before the marriage has started to avoid it creating further disputes later in life. Other reasons for a prenup can include providing financial security for children from a previous relationship or to protect assets or property you may have acquired before the marriage.
If you would like further information in relation to prenups or family law generally, please contact one of our family solicitors at Debenhams Ottaway.
This article was co-written by Helen Young, Partner and Trainee, Jessica Kavanagh.
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.
