SEPARATION FINANCES - PRENUPS (Agreements before marriages or civil partnerships)
A Prenup (or Prenuptial Agreement) is an agreement entered into before marriage. A Pre Civil Partnership is the same.
A Prenup usually sets out how the house(s), money and other assets will be divided should the marriage or civil partnership come to an end in the unfortunate event of a divorce or dissolution. Popular in the USA, Prenups are becoming increasing popular in the UK. Most people who consider using a prenup in the UK do so to protect the wealth of the spouse who is bringing more financial resources into the marriage.
The increasing popularity of prenups is a recognition by more and more people that the English Courts have a wide discretion when it comes to deciding how to divide, and more importantly what should be considered part of, the ‘asset and income pot’ of divorcing couples.
A prenup does not stop the Court exercising its discretion how it thinks fit, but, subject to certain conditions, it will be a very persuasive, almost pre-determinative, document. The essential criteria is that it is fair, not only in its content but also in the way it was created.
No one gets married or enters into a civil partnership thinking that their marriage/civil partnership will break down but these things do happen. They happen more frequently to people embarking on a second or third marriage. Due to the age of people entering second or third marriages they are more likely to be taking significant assets into that relationship. Taking out a prenup is not hoping for a rainy day, it is insuring against one.
If you are thinking of getting married and want to explore your options and find out whether a prenup is right for you, then call me on 0113 227 0708 to arrange a meeting.
Andrew offers Free Telephone Clinics.
The Free telephone clinics are open to anyone seeking legal advice. Solicitors, Paralegals and Direct/Public Access clients welcome. Clinics are by appointment. To book an appointment please contact his clerk Lisa on 0113 227 0708 or email lt@stpaulschambers.com