Everything You Need to Know about Prenuptial Agreements
What is a prenup & do I need one?
A prenup is a shortened version of the phrase prenuptial agreement.
A prenuptial agreement is an agreement that a couple enter before getting married that details what would happen to their assets and finances if their marriage was to end in divorce or separation.
Prenuptial agreements are becoming increasingly popular in the UK, especially among the millennial generation.
Are prenups legally binding in the UK?
Prenuptial agreements are seen as legally binding providing that both parties received legal advice, full financial disclosure was given and neither party was under duress.
However, UK courts have the power to ignore a prenuptial agreement if they deem it to be unfair to any children of the marriage or if they believe the agreement was not drawn up correctly.
Overall the Uk courts will always take a prenuptial agreement into consideration but also have the power to alter or ignore the agreement if they have a valid reason to.
How to obtain a prenup & save over £750
Obtaining a prenuptial agreement is rather straight forward providing both parties are willing to give full financial disclosure.
Obtaining a prenuptial agreement with Quicke Divorce is simple and easy:
Can prenuptial agreements be signed after marriage?
The prenuptial agreement should be signed at least 21 days before the marriage. However, if you have left it too late to receive a prenuptial agreement, you may be able to obtain a post-nuptial agreement.
Do we need to hire solicitors?
To ensure that your prenuptial agreement is legally binding both parties must have obtained legal advice on the contents & effects of the agreement.
If you do not obtain legal advice the court could simply ignore the agreement if they believe one party was at a disadvantage by not receiving the correct legal advice.
Many will choose to use their local prenuptial agreement solicitor, however, Our highly qualified & affordable family law solicitors will provide you with the exact same service as your local solicitor but at a fraction of the cost.
When you should consider obtaining a prenuptial agreement
Prenuptial agreements are on the rise, but who should consider obtaining one?
- A homeowner wanting to protect their property in the event of divorce.
- Marrying for the second time and wanting to protect their settlement from their last marriage.
- A widow/er thinking of marrying again. Wanting to protect their assets in case things go wrong.
- Wanting to eliminate the costly and lengthy argument about “who gets what” in the event of divorce.
- Marrying for the second time but wanting to protect their assets to ensure they have a secure future for their children from their previous marriage.
- To protect money or assets that you may receive from inheritance.
- You have a business or investments that you would wish to remain in control of following a split.
You are also able to insert a debt clause into your agreement if you or your partner has debts before getting married. This means that the debt-free spouse will not be responsible for those debts and your partner will be solely responsible to repay the debt.
Challenging a prenup
You can challenge a prenuptial agreement, however, you have to a valid reason to do so. For a judge to consider your argument it has to meet one or more of the following criteria:
- Children of the marriage are treated unfairly
- The agreement was signed when one party was under coercion or mentally ill.
- If at least one party did not completely understand the implication of the agreement in divorce.
- If its proven the agreement wasn’t drawn up at least 21 days before the marriage.
Our Prenuptial agreement service
Quicke divorce offers a prenuptial agreement service for just £299 fixed fee. Saving on average £750 when compared to your high street solicitor.
Our service is ideal for couples who are looking at entering a prenuptial agreement before marriage. The agreement is drafted by our highly qualified solicitors and will take just 28-31 working days from start- finish.