Prenuptial agreements – unromantic or necessary?

8th March 2015 by

Prenuptial agreements have provided security for the rich and famous for a number of years, and while many couples see signing a ‘prenup’ as an unromantic declaration that their relationship will fail, many more are using this legal agreement to protect their financial position.

As a prenuptial agreement solicitor based in London, Healys’ family lawyers have been providing legal advice in this area since its inception in 1980. The fully integrated law firm has been providing an effective legal service to couples who wish to enter into an agreement which protect their best interests should the worst happen.

But are these contracts as unromantic as they seem or is it a necessary accompaniment to a modern-day relationship?

About prenuptial agreements

In recent years, these agreements have become an increasingly common part of the divorce process. This document sets out the terms under which you and your partner will divorce or separate, agreeing any financial entitlement that you may have across joint and individual assets before marriage.

As well as taking steps to ensure your separation can be handled as effectively and efficiently as possible, a pre-marriage agreement is also a way to save money as, in certain cases, it is likely to cost far less to negotiate this than assigning a financial settlement on divorce.

What is covered by the agreement?

In addition to offering financial security for both parties by agreeing entitlement before a couple marries, a prenup works to regulate other assets that you hold jointly or solely, agreeing how money and property will be divided should you separate.

It is important to understand that this agreement outlines the legal responsibilities and rights of both parties regarding financial assets, not in any non-financial matters like personal obligations and issues. If personal matters are included in your agreement, then this may deem the entire document as void.

Child care and contact arrangements for example, must not be included as a court will consider such arrangements for a child at the time of divorce and will always put their welfare at the forefront of any judgment.

Representation in court

Whilst a prenuptial contract is still not a legally binding document (Oct 2014), the presence of such documentation during the financial settlement phase of a divorce may assist the court in deciding fair division of family property..

When entering into an agreement, it is desirous that you are fully aware of your partner’s financial status and that both parties understand the repercussions of separation or divorce in the future. Whether the terms of your agreement are upheld depends entirely on the court.

Should I enter into an agreement?

Before making an agreement it is recommended that you seek legal advice, from an experienced family lawyer and independently from your partner. London prenuptial agreement solicitor Healys can be enlisted to assist couples wishing to obtain the guidance they require to make the right decisions about this agreement.

Entering into a prenuptial agreement provides a host of advantages for both partners, especially if both agree that the traditional 50:50 entitlement is unfair if divorce or separation were to take place in the future.

It is recommended that couples enter into an agreement at least 21 days before marriage, and seek legal advice regarding the agreement’s formalities and future financial implications..

For more information on the service we provide, please contact Catherine Taylor on 01273 669 124 or email catherine.taylor@healys.com for Brighton. For London please contact Jane Sanders on 020 7822 4107 or email jane.sanders@healys.com