Should a pre-nuptial agreement be part of your wedding planning?
Couples often overlook pre-nuptial agreements, but with one in five marriages ending in divorce by their 10th anniversary and the courts becoming more inclined to uphold them, it’s worth considering one.
Whilst pre-nuptial agreements are not binding in the UK, the courts are becoming more inclined to uphold them in the absence of any invalidating factors. If you are engaged, it is, therefore, worth adding a pre-nuptial agreement to your wedding planning, particularly if you and your fiancé want to protect resources acquired prior to your marriage or want some control over how your assets will be divided in the event of a divorce.
When should you start the process?
The agreement should be signed at least 28 days before the wedding, so we recommend consulting solicitors at least four to five months beforehand to avoid it being argued that there was pressure to sign the document.
If you are already married or are concerned that there is insufficient time, then you could have a post-nuptial agreement after the wedding.
Can you instruct the same solicitor?
No, you should both receive independent legal advice from separate solicitors on the terms and implications of the agreement and what rights you will be relinquishing if you sign it.
What information do you need to disclose?
You need to disclose all your resources to your partner. If there is any suggestion that they did not know the extent of your wealth, this could prevent the agreement from being upheld.
Will the nuptial agreement be upheld?
If the agreement leaves one person with less than they need then it is likely to be unfair and the court will make whatever provision it sees as reasonable. It is therefore important when drafting the agreement, that it meets both parties’ needs.
Is it worth the cost?
It may seem like an additional and unnecessary cost at a time when you are funding your wedding, but it is worth considering the potential future savings of protecting your pre-acquired wealth and avoiding costly litigation.
For any family law related query, ourfamily team offer a free 30 minute no obligation call.