Saying "I Do" to Pre-Nups
- AuthorJulie Bennett
Spring is in the air and many happy couples are looking forward to getting married this year. The wedding planning ‘to do’ list can seem endless, with some aspects of the big day ‘nice to have’ rather than ‘essential’, but do you have a pre-nup on your list of wedding essentials?
A pre-nuptial agreement may not seem like the most romantic proposition to discuss with your partner, after all who wants to consider the prospect of divorce in the run up to the happiest day of their life? However, figures from the National Office of Statistics show that there were 102,007 divorces of opposite-sex and same-sex couples in England and Wales in 2017, and the unfortunate reality is that many marriages do end up in divorce. If you already have your own assets or wealth separate from your partner, you may be concerned about what would happen to those assets in those unhappy circumstances. Some people view it as an insurance policy – something that you never want to have the need for but are glad you are able to call upon should the need arise.
A pre-nup is a formal arrangement entered into ahead of your marriage and seeks to avoid the risk of unresolved issues if the relationship breaks down at a later stage. By entering into an agreement when both parties to the relationship are on good terms, it is more likely to mean that the agreement reached is objective and fair, rather than trying to reach a resolution once the relationship has ended and emotions are high.
Case law has developed over the past few years to mean that if certain criteria are met, the Court is more likely to hold parties to these agreements and it is becoming more common to have a pre-nuptial agreement ahead of marriage. This includes parties providing full financial disclosure, having independent legal advice, and the pre-nup not being signed too close to the date of the wedding.
If you are getting married this year, our experienced Family Team can advise and assist you in drawing up a pre-nuptial agreement and agreeing the terms with your partner and their solicitors. Similarly, we can advise you if you have received a pre-nup from your partner’s solicitors.
Please feel free to contact a member of our Family Team on 01242 574244 and we will be happy to meet you and discuss your situation.