One of the sad facts about modern British life is the high divorce rate. A couple planning to marry today have only an evens chance of being together at their end of lives. And that is why those planning to wed should consider making a UK prenuptial agreement (sometimes referred to as a pre-nuptial contract or prenup).
The main importance of a UK prenuptial agreement is with regard to the assets both will be taking into the marriage. Couples do normally share assets when they are married, however once divorce the court may say these have to be split up. This may seem unfair to one of the parties if they took the bulk of the assets into the marriage yet is left without a goodly part of them following a divorce.
In a prenup both the husband and bride-to-be can broadly stipulate that the things they own going into the marriage, will revert back to them should it end. The agreement may also stipulate who should own any of the assets garnered by them while they are together. In situations where one party to the marriage brings in their own children, the agreement should specify hows these children should be provided for after the divorce.
The major plus point of having a valid prenuptial agreement for a couple is that in the event of a divorce, they will decide how their personal assets are divided rather than the court. But it must be understood that under current legislation prenups have no legal standing in the United Kingdom. However after the Radmacher case in 2010 the UK courts are considering agreements more and more.
Due to the uncertainty in the law surrounding prenuptial agreements it is crucial that it is drafted well. It is important that each party disclose to each other what assets they own. There is a deadline of 21 days before the wedding by which the agreement should be signed. This is so that one party cannot claim that they were subject to duress whilst they were signing the agreement.
A court can throw out a badly drafted prenuptial agreement, therefore it is so important to get one done properly. It is advisable that those planning to wed enlist the services of a solicitor when drawing up an agreement. You must be aware that no matter how tightly drafted the prenuptial agreement is, the court will not acknowledge it if the marriage is extremely short lived.