Celebrating love and marriage is beautiful, but let’s not forget about the legal bits. It is important to consider your financial situation before marriage, and how it may affect you later in life. Are you preparing to get married and thinking about a prenup? You have come to the right place, here at Beeston Shenton Solicitors we’re discussing what you should know about a prenup to ensure that you are making an informed decision.
What Is A Prenup?
Otherwise known as a Prenuptial Agreement, a prenup is a marriage contract created and signed before a marriage occurs, stating what happens to the couple’s assets in the event of a divorce. They are not legally binding in England or Wales, but will be considered by the courts as long as certain safeguarding measures were met when writing it.
The safeguards needed to be met to ensure that a prenup can be considered in the courts are;
- The prenuptial agreement must have been made at least 28 days before the marriage.
- Each party must have received independent legal advice prior to signing.
- All assets must have been disclosed to the other party, nothing can be hidden.
- Neither party was pressured into signing against their will.
- The prenup must be reviewed and amended throughout the course of the marriage, especially when significant changes have occurred such as the birth of a child.
- The prenup must be fair and realistic, not dramatically favouring one party over the other.
- There must be no significant changes rendering the prenup inappropriate such as loss of employment, child birth etc.
What Can Be Included In A Prenup?
You can include all assets into a prenup, including the family home, any savings or investments, inheritance, debts and more. Anything which has financial value can be included to ensure a fair split in the event of a divorce.
If it’s too late for you to consider a prenup as you are either already married or too close to the big day, it doesn’t mean that you can’t get any form of legal contract to protect your assets. You can sign a postnuptial agreement instead which is virtually the same as a prenup, the only big difference is that it’s signed after marriage rather than before it.
What To Consider…
When considering a prenup, there are several things to think about regarding your future. For example, if you are planning to have children, consider whether you or your partner would give up your career to take care of them. Alternatively, if you would want to open a business together, there are plenty of things to review. Simply take some time to reflect on how you would want your future to be, from there you can make a more informed decision regarding a prenup that will better suit your needs.