17 Aug What is a prenuptial agreement?

Posted at 00:00h in Family Law by

Vyonne Manuel, Family Solicitor at HRJ Foreman Laws Solicitors, Hitchin provides more information about prenuptial agreements and why you may need one.

A prenuptial agreement is a formal document signed by a couple before they marry or enter a civil partnership. It sets out how the couple wish to protect their assets and/or how they should be divided in the event of a divorce or have their civil partnership dissolution.

Whilst some people think that prenuptial agreements are only for the rich and famous, an increasing number of couples are now entering into such agreements for some of the following reasons:

  • One partner is wealthier than the other
  • There is a large disparity of income
  • There are family trusts and or inheritance issues that need to be considered
  • They want to set out what will happen with pre-marital assets as well as assets acquired during the marriage or civil partnership
  • To address debt obligations

Are prenuptial agreements binding in England and Wales?

Whilst prenuptial agreements may be automatically enforceable in other countries, this is not the case in England and Wales. That said, a properly drafted and executed prenuptial agreement is likely to be persuasive to the court.

How can couples try to ensure the agreement is upheld?

It is vitally important that the terms of the agreement are fair and meet the needs not just of the couple but of their dependent children (current or future). The following should be considered and implemented by the solicitor preparing the prenuptial agreements.

  • The agreement must be capable of being enforced contractually.
  • The terms of the agreement must be fair and reasonable.
  • The parties must enter into the agreement of their own free will, if there is any evidence of undue influence or duress, it is highly likely that the agreement will not be upheld.
  • The agreement must be signed or executed as a deed.
  • The agreement should be prepared in good time before the wedding to allow both parties to receive legal advice. The Law Commission report deals with Qualifying Nuptial Agreements and recommends that the prenuptial agreement should be entered into at least 28 days prior to the wedding.
  • Both parties should provide full and frank financial disclosure.
  • It is imperative that both parties obtain independent legal advice.

If you do not enter into a prenuptial agreement before your wedding it is possible to enter into a postnuptial agreement at any point after your marriage.

The HRJ Foreman Solicitors family team, understand that while a prenuptial agreement is not the most romantic element of a relationship, ultimately, it can save on a lot of stress and legal costs in the unfortunate event of a marriage breakdown. It also leaves couples with a good degree of certainty on the division of assets and a practical way of moving forward.

For more information

For legal advice 

  • Email info@hrjforemanlaws.co.uk
  • Call Hitchin, 01462 457711, Welwyn Garden City, 01707 887700, Old Harlow 01279 709 100.
  • Complete our contact form here

Keep up to date with our legal news and follow us: