You have probably heard of prenuptial agreements in Hollywood movies or on TV shows.
But this premarital agreement is becoming more common in the United Kingdom, with more couples asking legal teams about having this completed before they walk down the aisle or agree to a civil partnership.
As dedicated divorce solicitors in Weybridge, our team at Prentice Family Law is always on hand to discuss prenuptial and post-nuptial agreements with our clients. To ensure that you can relax in the build up to and after your wedding, knowing that your financial properties and assets are secured.
However, you may be curious as to who is suitable for prenups, and our divorce solicitors in Weybridge explore this in a bit more depth below.
What is a prenuptial agreement?
In simple terms, a prenuptial agreement is a contract that is signed before you and your partner get married or agree to a civil partnership. Within it are laid down the terms relating to your assets and who gets what when you divorce, if you divorce. While not considered legal binding in the UK this document is given a great deal of weight by courts as long as it meets certain criteria and can save a lot of grief in the divorce process according to our divorce solicitors in Weybridge.
So, who should invest in a prenup?
If you have been previously married and have divorced, you may not be wanting to or willing to get married without having some sort of financial security. It’s worth noting that if you have a previous divorce this may impact having one in the future relating to divorce courts and a judge’s decision should your divorce go down that route.
Children from other marriages or relationships
If you have children from another marriage or previous relationship, you will likely want to protect their financial interests. This will ensure that your assets remain separate from those of your partner who may not have a biological link to the children and it will also prevent a disruption should one of the children’s parents die, relating to their inheritance.
One person is wealthier
Most people have heard of the old saying that divorces divide the assets 50/50 and while this isn’t true, it is worth investing in a prenuptial agreement if there is a disparity between the wealth of the 2 parties, to prevent those who marry into money from being left with a fortune that they did not earn. Thus, ensuring fairness in any divorce settlement.
One person has more debt
In a similar vein, if your partner has debt that outweighs yours it can well be worth investing in a prenuptial agreement to ensure that should you separate, you won’t be paying off their debts or be responsible for them. In the UK, any debts that are acquired during a marriage are often allocated to both people should a divorce occur, putting the individual with less or no debt at an obvious disadvantage.
Because divorce can destroy family businesses, if you or your partner own a business or are sole traders, it is well worth investing in a prenuptial agreement. That way, if your partner wants to have a share in a successful business as part of the divorce proceedings this can be stopped, so you will not be paying them with the assets you obtain in your business.