The Winston Solicitors prenuptial agreement calculator is designed to give an estimation of what protection a prenuptial agreement may provide. When filling in the on-line pre-nup calculator, use this guide to help with your assessment.
Who is the prenuptial agreement calculator aimed at?
The prenup calculator is aimed at people contemplating marriage and is intended to act as an estimated guide so that the user can weigh up the benefits of entering into a written agreement prior to the marriage.
What do the following terms mean?
- Level of protection
A prenuptial agreement is a tool used to protect assets, often assets acquired prior to the marriage. The level of protection refers to the value of assets which might be successfully safeguarded from the claims of the other spouse.
- Equity in the home
The market value of the property less the amount owing on any mortgages or charges on the property.
- Pension CETV
The notional value given by a pension company to a member’s pension rights.
- Future inheritance
Future inheritance in this context refers to monies or other assets inherited after the marriage is entered into but before a financial settlement is made. Inheritances which might be received after the settlement are not normally taken into consideration.
What if I do not know about my partner’s bank details, shares, investments and property equity?
The calculator is intended an approximate guide. If you do not know what the other party’s financial circumstances are then you would either put down what you know or ask for this information from your partner. When a prenup is entered into there would need to be full disclosure of all assets prior to the agreement being entered into.
Is it right that prenups are only really relevant if there is a large imbalance between the parties’ finances at the start of the marriage?
The prenup can be used in other situations for instance to protect future income or business or future inheritance.
Why are debts not taken into account in this assessment?
Debts are a complicated area and in many court cases are not taken into consideration. There can be various issues which are relevant to debts such as whether the debts are joint debts for which both parties should be responsible, whether there are commercial debts or a soft loan such as a debt owing to family members. Each case in relation to debts is treated differently and expert advice would be needed in each individual case where debts are involved.
Should the figures in this prenuptial agreement be relied on as being accurate?
As mentioned above, the calculator is only intended as an approximate guide, as a court will take into account all the circumstances of the case and it is not possible to set out all the relevant circumstances in a calculator.
What if you already entered into the marriage without a prenup and are considering entering into a post-nuptial agreement. Can you still use the prenup calculator?
Yes, you can use the prenuptial calculator as a estimation in order to weigh up the benefits of entering into a written agreement setting out your rights in the event that you and your spouse separated.
For more information and to see how such an agreement may be beneficial to your situation, please contact specialist family solicitor Wendy Campbell on 0113 320 5000 or by email on family@winstonsolicitors.co.uk.
