A prenuptial agreement is a legal contract drawn up between two parties in advance of their marriage. Its main purpose is to dictate the division of personal assets between the two parties
It is also in a couple's best interest to use the services of a solicitor when drawing up the agreement. This is particularly important as UK courts, under current law, do not have to take a prenup consideration when deciding how to divide up assets following a divorce. Prenuptial agreements can also be quite complicated, so seeking legal advice when drawing one up will assist greatly
When you are thinking about how to put a prenuptial agreement together, the following should be included.
- The couple should disclose details of all their assets to each other when making the prenup. If they do not do this, then the court may not even look at the agreement in the event of a divorce.
- The prenup must be created at least 21 days before the marriage. If this is completed at a later date, it could be argued that one of the two parties made the agreement under duress.
- Make sure that all the provision of the agreement are written down and included in the prenup. This is particularly important if there is a divorce and the agreement has to be used.
The build up to a wedding is a period of romance and any thoughts of divorce will not even cross a couples mind. Nevertheless, we must be realistic. With 50% of marriages in the UK ending with a divorce, it is sensible to prepare for the worst. This should be obvious to those who have previously been divorced, but for those contemplating marriage for the first time, they should still give serious consideration to making a prenup.
A prenuptial contract is particularly important for someone rich in assets entering into marriage. It will help them keep them should the marriage end. 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 contract is a sensible precaution should the marriage turn sour and end in divorce. As these contracts don't actually have official legal standing in UK courts, it is important that they can survive under intense scrutiny. This should be discussed when considering how to make a prenuptial contract.