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W1K 5DZ
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It might be difficult to think about before a wedding, but in certain situations it can be wise to consider a prenuptial or preregistration agreement before getting married or entering a civil partnership.
Commonly referred to as a “prenup”, prenuptial agreements formally set out what will happen to money and assets if a marriage were to break down.
Prenups can be useful where there is a significant wealth disparity between partners, or where one or other partner either has - or stands to - inherit significant wealth later in their life. They can also help someone entering a second marriage to protect assets that were obtained during a first marriage, potentially on behalf of children from the earlier union.
Postnuptial agreements ("Postnups") may be drawn up after a marriage where there was insufficient time for a prenuptial before the wedding.
Peters May specialise in all aspects of pre and postnuptial law.
Both prenuptial and postnuptial agreements can help establish financial expectations, thus avoiding the uncertainties of an acrimonious divorce.
Although, under English and Welsh law, prenuptial and postnuptial agreements are not legally binding, any such agreement is likely to be upheld by a court so long as the correct steps were taken at the time the agreement was drafted.
These steps include:
• That both parties have taken separate independent legal advice and have a meaningful understanding of the terms.
• That sufficient, accurate financial disclosures were made between the parties.
• That the agreement was signed at least three weeks before the wedding (this time frame is best practice).
• That the agreement is fair and no improper pressures were applied.
Prenuptial agreements are usually drafted by one party’s solicitor, who will then send it to the other party’s lawyers for consideration and whereupon there may be some negotiation on the terms. Once agreed, both parties sign the document, enabling them to achieve peace of mind.
Our expert prenuptial and postnuptial solicitors have extensive experience negotiating and drafting these agreements; and of helping navigate their clients through the often emotionally difficult process of agreeing them.
In cases where they are unfair to clients or leave a party in real need, we are also expert in challenging the provisions made in these agreements in any future divorce.
