What is a prenup?
Prenups are agreements before marriage, to who will be responsible for the property and finances during the marriage, and what should happen to the assets if a divorce should happen.
The idea of the prenup is to:
- Protect the assets owned to each party before the marriage
- Protect an inheritance
- Protect any trust funds
- Protect any assets that you would like children to inherit from a previous marriage
Are prenups legally binding?
Although prenups are normally created with the help of a solicitor, they are not legally binding documents. However should a divorce happen, they are taken into consideration by the courts. So long as the prenup meets the qualifying criteria.
When should a prenup be signed?
A prenuptial agreement should be signed at least 28 days before the marriage. Here all the assets and property owned by both parties should be disclosed.
Can changes be made to the prenup once married?
Once married, a prenup made before marriage cannot be amended. However, postnuptial agreements are a way of changing any terms or adding extra terms. These are also treated the same way as a prenup, in the courts, as they are not legally binding.
Even though they are not legally binding, prenups will be looked at more favourable when certain requirements are met. Important requirements are:
- It must be entered freely, and willingly by both parties
- Both parties must have received legal advice when the prenup was made
- The prenup must be made by deed, and be signed by both parties, understanding that it’s enforceable
- The prenup must not prejudice any reasonable requirements of any children
- The prenup must have been made at least 28 days before the marriage
- Both parties must have received information and evidence of the other party’s financial situation