No one goes into a marriage or civil partnership expecting it to end. However, with almost half of all marriages in England and Wales ending in divorce, it makes sense for couples to look at ways of protecting themselves and their assets should their marriage or civil partnership break down.
Research by the Office for National Statistics (ONS) based on the results of the 2021 UK Census found that the average divorce rate in the UK is around 42%. The average length of marriage for UK couples is just under 12 years. For men, the average divorce age is 46.4, while for women, it is slightly lower at 43.9 years of age.
One of the most common ways couples safeguard their finances and assets for the future is by getting a prenuptial agreement (known as a ‘prenup’) before they marry or become civil partners.
In this blog, our specialist Prenuptial Agreement Solicitors answer some frequently asked questions about prenups.
What is a prenuptial agreement?
A prenuptial agreement is a legal document drafted before a couple gets married or enters into a civil partnership. It outlines how assets and finances will be divided if the union breaks down.
Basically, a prenuptial agreement sets out ‘who gets what’ should a marriage or civil partnership end in divorce or dissolution.
Who needs a prenup?
Contrary to popular belief, prenuptial agreements are not just for the rich, and a prenup can offer many benefits to all couples, regardless of their level of wealth.
They provide much-needed peace of mind and can help to avoid lengthy and costly court proceedings further down the line.
Prenuptial agreements can be particularly important when one party brings more money or assets into a marriage, second marriage or civil partnership, or in marriages where one partner gives up work to raise any children.
What are the benefits of a prenuptial agreement?
A prenup provides much-needed clarity and protection for couples should the relationship end.
Prenuptial agreements can:
- Encourage couples to have an open conversation about their finances and assets.
- Protect inherited money, assets, or savings.
- Protect any children’s inheritance.
- Give both parties a say in how assets should be split upon divorce or dissolution.
- Protect one partner from another partner’s debt.
- Help protect business interests.
What assets are included in a prenup?
There are no firm rules regarding what assets should and should not be dealt with in a prenuptial agreement. Every couple’s situation is unique.
Assets which are typically covered in prenups include:
- Savings.
- Inherited wealth.
- Property.
- Income.
- Businesses.
- Stock options, investments, and shares in companies.
- Accrued pensions.
- Premarital debts.
- Provision for future assets, such as inheritance.
Our experienced family law solicitors at Onions & Davies will take the time to thoroughly understand your circumstances, goals, and concerns to create tailored nuptial agreements based on your particular circumstances.
Is a prenuptial agreement legally binding?
Prenuptial agreements are not currently legally binding in England and Wales. However, there is guidance and caselaw on nuptial agreements that references what the court would look at when considering how much weight to give to the agreement if it were to come before the court in a divorce situation.
The court should give effect to nuptial agreements that meet the proper criteria.
Specialist advice from a prenuptial agreement solicitor is vital to ensure the necessary requirements are met. These include:
- Each partner has taken independent legal advice.
- There has been full disclosure of all assets and liabilities.
- The agreement allows for future family changes, for example, if you have children or someone becomes ill and cannot work.
- Neither party has been unduly pressurised into signing.
- The agreement is updated regularly.
How do I get a prenup?
If you are considering getting married and want advice about a prenuptial agreement, you should seek specialist legal advice at the earliest opportunity, as signing a prenup too close to your wedding day could affect its validity.
To speak to one of our experienced family law solicitors at Onions & Davies, call us on 01630 652405 or email sols@onionsanddavies.co.uk.
Our prenuptial agreement solicitors will work closely with you to:
- Assess your financial situation and identify assets.
- Draft an agreement that reflects your wishes.
- Ensure your agreement complies with family law.
Can you get a prenup after you are married?
Prenuptial agreements can only be made before a marriage or civil partnership. However, there is an equivalent form of a written contract for married couples, which is called a postnuptial agreement (‘postnup’).
A postnup works in much the same way as a prenup but is crafted after marriage to establish the financial and asset distribution between spouses in case of a divorce or separation.
Couples decide to enter into postnuptial agreements for various reasons. These include to protect pre-acquired assets or wealth, to address a discrete issue that may have arisen (such as a new business venture or inheritance), and to manage the risks, costs, and uncertainty of relationship breakdown.
Prenuptial Agreement Solicitors Near Me
At Onions & Davies, we understand that discussing finances in a relationship can be sensitive and challenging.
Our compassionate and experienced family law solicitors are committed to providing personalised, discreet, and comprehensive legal support for couples seeking advice about prenuptial or postnuptial agreements.
We take the time to thoroughly understand your circumstances, goals, and concerns to create tailored nuptial agreements that protect your interests and provide peace of mind.
Onions & Davies Solicitors provide legal services in Market Drayton and surrounding areas, Whitchurch, Telford, Shrewsbury, Loggerheads, Nantwich, Eccleshall and Newcastle.
Come and see our family solicitors, Louise Martin or Simeon Bowen-Fanstone, for a no-obligation fixed fee appointment. Gain the information and support you need to make informed decisions regarding nuptial agreements and all family law matters.
To speak to one of our experienced family lawyers, please call us on 01630 652405, email us on sols@onionsanddavies.co.uk, or use our online contact form.
For more information about our Prenuptial Agreement Law service, please click here.
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