Many people ask me as a Divorce Lawyer, “do I need a Prenup?”
In the Courts in England and Wales, significant weight can be given to nuptial agreements which ‘ring fence’ assets that you have acquired before marriage or are set to inherit at some point in the future. For this reason, it is advisable for couples to consider entering into a prenup.
This is especially relevant to people who are getting married for the second time and want to protect against potential claims on the settlement they received from their first marriage or protect their assets in order to be able to provide something for their children in their will.
Do I Need a Prenup if I have Trust?
Sadly, around half of all marriages end in divorce. It might seem unromantic or perhaps even sceptical, but if you are realistic a prenuptial agreement is a useful form of financial planning. They allow married couples and civil partners to plan financially should their relationship breakdown.
Many people do not realise how having a prenup in place can actually save you money in divorce cases. When things go wrong in a marriage or civil partnership this can lead to long arguments over who gets what and these prove costly. By setting out your rights to property, assets and income (and any debt you might have) with a prenuptial agreement before tying the knot, you have a legal document the court must consider in deciding on your finances on divorce.
We commissioned research this year that revealed that 49 per cent of divorced Brits had doubts before their wedding. So our advice is always to think about protecting your children and your assets. It is best to have conversations about what you would do in the event of your marriage ending well in advance of your wedding. If you do this it serves as the perfect time to talk about Prenuptial Agreements. If you do, however, decide this is wise at a later stage, it is possible to enter into a Post-Nuptial Agreement.
Even if you trust your partner you might want to consider protecting your assets or property in case things do not work out by getting a Prenup or Postnup. If you’re interested in finding out more information about Prenuptial and Postnuptial Agreements please read our legal advice guide.
Beverley Darwent is a senior family law solicitor at Slater and Gordon Lawyers in Manchester.
Slater and Gordon offer an initial consultation about prenuptial agreements. We offer both flexible pricing and fixed price Prenups. You can call us on freephone 0800 916 9055 or contact us online and we’ll be happy to help.