Getting a Prenup: How Can a Prenuptial Agreement Benefit You?

In the UK, a prenuptial agreement is a legal contract which sets outs how assets should be divided in the case of a divorce. It outlines the exact ownership of the belongings of both parties in the relationship, including possessions, property and money.

The agreement is reached by the couple before they enter a marriage or civil partnership. Whilst prenuptial agreements are not legally binding, with the correct legal advice, they will be taken into consideration when negotiating a divorce in court.

Who Should Get a Prenup?

Prenuptial agreements are often considered when contemplating the protection of assets for yourself and your children. Individuals who have children from past relationships or marriages may consider a prenup to protect their inheritance, allowing specific assets to be retained for them.

Property and monetary value can also be considered within a prenup, helping to outlay the division of property which would be difficult to split between the couple. Additionally, the safeguarding of money and assets are further benefits of a prenup.

Financial Protection Through Prenuptial Agreements

Prenups also help with protecting financial statuses. For example, the responsibility of a partner’s debts which incurred before the marriage would be outlined within the clause. This would not only make the accountability of the debt evident but also ensure that it is not repaid out of your share of the joint assets.

They are also particularly helpful when one partner has or is expecting to receive, a considerable amount of assets in comparison to the other. In cases where you or your partner would expect to receive a significant amount of property or business, for instance, a prenup would help to protect your inheritance.

Can a Prenup Be Modified Post Marriage?

A prenup should be signed 28 days before the marriage, with the assets and property owned by both parties fully disclosed within the agreement. The Prenuptial Agreement cannot be modified once it has been agreed upon.

However, Postnuptial Agreements can be a great alternative. They are treated the same way as a prenup and make a great alternative if you wish to make changes to the terms.

How Do I Make a Prenup?

To successfully sign a prenup, both parties must seek independent legal advice and have the prenuptial agreement drawn up by a qualified family lawyer. The prenup must be fully understood by both partners and willingly agreed to.

How Much Does It Cost?

The cost of a prenuptial agreement varies on a case by case basis and the requirements outlined by the couple.

At times, this can depend on the detail which you wish to include in your prenup and whether there is to be a full exchange of financial information or if it is simply in an appendix format.

If you are looking for more information regarding prenuptial agreements and deciding if it is the right decision for you and your partner to make, get in touch with our team of family lawyers today!