As prenuptial agreements are becoming more common, here are some things you should consider if you're going to draw one up.
Preparing for marriage is a very happy time for any couple. They obviously are looking towards a long, joyful and fruitful life together, so the thought that anything might go wrong is the furthest from their minds. But with up to half of marriages in the UK ending in divorce nowadays, a sensible couple should give serious consideration about what should happen should their forthcoming marriage suffer that unfortunate fate. In short, they shouldn't go into marriage without first having made a prenuptial agreement.
Although the huge increase in the amount of people divorcing has made the prenuptial more popular, many people are not certain what they are or how to go about getting one. A prenuptial agreement is a contract made between the couple before they actually marry. In this they agree how any assets should be divided should they get divorced. The prenup may also stipulate how the assets will be split if one of the couple dies. This means that provision can be made for any children brought into the marriage by one of parties.
So why is it so necessary to agree how you might divide any assets should you divorce? Splitting up property when divorcing is virtually always a contentious time. This is particularly so if one of the spouses takes the larger percentage of assets into the marriage,and faces losing them at a divorce hearing. By taking out a prenup, he/she could protect themselves from losing their personal assets as well as having to pay potentially crippling maintenance to their former spouse.
It should be understood by both parties set to enter into marriage, that under UK law at present, British courts are not bound to accept a prenuptial agreement when making their ruling. But they may well take a prenup into account if one has been drawn up.
Because of this uncertainty over the status of the prenuptial agreement in the UK, couples drawing one up are therefore advised to take prudent steps. Make sure it is signed no less than 21 days before the date of the wedding. Any later and it could be ruled that one of the couple had signed it under duress, thereby making it almost certain the agreement would be discounted at any divorce hearing. You should also make sure that you consult a specialist prenuptial solicitor when drawing up your agreement - this might make it more likely that the courts will take the agreement into account should you end up divorcing.