What is a prenuptial agreement?
A Prenuptial agreement is a contract that you and your fiancé /fiancée agree to enter into before you marry to set out what would happen to your property and finances if you divorce.
A Post nuptial agreement is similar to a prenuptial agreement except that you and you husband/wife enter into the contract once you are married.
Pre and post nuptial agreements are increasingly worthwhile if you have assets you want to ring fence/protect against any future financial claims made by your spouse/civil partner. They are like an insurance policy and can also be used to protect assets likely to be received by way of future inheritance and to protect your interests if you are marrying or have married/entered into a civil partnership for a second or subsequent time.
Over the last five years the higher courts in England and Wales have increasingly taken into account the provisions of pre and post nuptial agreements in financial proceedings associated with marital breakdown.
In order to stand the best possible chance of being upheld against any subsequent challenge, such an agreement needs to be entered into subject to legal safeguards as set out in recent judgments of the courts. These include:
- There has been an exchange of full and frank financial disclosure between the parties prior to entering into the terms of the agreement.
- Each party has the right to independent legal advice prior to entering into the agreement.
- In the case of pre-nuptial/pre-civil partnership agreements, the agreement should be entered into no later than three weeks prior to the date of the marriage/civil partnership.
- The agreement should include the provision for review at certain future points.
Speak to Howard for a no obligation chat to see how you can ensure your current and future assets are protected by creating an agreement that is fair and reasonable.
You could get an idea of whether a pre nuptial agreement could be worthwhile by using our prenuptial calculator.
For more information and to see how such an agreement may be beneficial to your situation, please contact Sarah on 0113 320 5000 or by email on family@winstonsolicitors.co.uk.
