Prenuptial Agreement

Prenuptial Agreement
Some see prenuptial agreements as a way of insurance although maybe unnecessary but useful to have in place should the worst happen.

A pre-nuptial agreement (also known as a ‘pre-nup’) would mean you and your partner start marriage with confidence about your financial wellbeing should your relationship ever change.

What is a prenuptial agreement?
A prenup is a formal, written agreement between two partners prior to their marriage. It sets out ownership of all their belongings (including money, assets and property) and explains how it will be divided in the event of the breakdown of their marriage. It isn’t just about financial value. You might have an inheritance, a trust fund or possessions with sentimental value you want to keep in your family, or a business which one of you wants to remain in control of.

A Post- Nuptial Agreement is essentially the same as a pre-nup, but is entered into during the marriage rather than before it.

How to get a prenuptial agreement?
Prenuptial agreements are recognised by the courts in the UK. They are usually upheld where they are fair, entered into free of pressure, with good advice and meet the needs of both parties and the children. Your aim should be to make an agreement that lays out how you and your partner would divide things fairly should your marriage or civil partnership come to an end.

It will need to be drafted by a legal professional to make sure that the agreement abides by UK law. Our specialist family finances team have over a decade of experience dealing with prenuptial and post nuptial agreements.

Similarly to a cohabitation agreement, the pre-nup must be entered into by both parties freely and knowingly – that means you must both understand the agreement fully and agree to it voluntarily. You both also need to fully disclose information about your financial situation and assets.

You and your partner will need separate legal advice to help you review the agreement independently and this will help show that no one acting involuntarily.

A pre-nuptial agreement must be signed at least 21 days (and ideally longer) before the marriage to avoid claims that it was arranged in a rush or by putting one party under pressure. It also means you have time to concentrate on all the last minute preparations of your big day.

Professional fees:

Normally, instructions in respect of Pre- Nuptial agreements are undertaken on the basis of an agreed fixed fee having consideration of the complexity of the matter and the level of expertise involved. If we are unable to agree a fixed fee, our standard hourly rate will be £300 plus VAT equating to £360 (if applicable).

Our agreed fee usually includes meeting with one of our experienced solicitors to establish the details of your case, advice on terms of the agreement, guidance in collating supporting and relevant documents and information to draft the agreement. Upon receiving confirmed instructions and all the relevant information it would take 2-3 weeks to send the draft agreement for your approval.