A prenuptial agreement, also known as a ‘prenup’, is a document that is created by a couple before they marry. It includes details about what will happen in the event of a divorce or separation and covers aspects relating to children, finances and property that they share.
Pre-civil partnership agreements are similarly available to couples who instead intend enter into a civil partnership.
Here at 1Solicitors, we understand that a prenuptial agreement isn’t the most romantic activity that you can do whilst planning a marriage. However, they are sometimes able to save your own assets if in the unfortunate case that the marriage breaks down.
Changes in society and work-life patterns have contributed towards an increase in marriage breakdowns. By entering into a prenuptial agreement, parties can have certainty on where they stand in respect to the division of assets if the marriage breaks down.
This is why we have a team of expert prenuptial agreements lawyers that can help to draft and organise your premarital contract.
Whether you’re looking to write your agreement or decide on how finances can be settled after a divorce, we’re sure that we can help!
Whilst many couples assume that their marriage will never end and they’ll never need a prenuptial agreement, it may be worthwhile to sign one before your big day. Prenups helps to protect yourself in the worst-case scenario and ensures that what is yours, stays yours.
You should especially consider creating a prenup agreement with your partner if you have a substantial amount of savings or are expecting a large inheritance that you don’t want to risk losing or splitting.
Pre-nuptial agreements should also be considered if you have children from a previous relationship and want to ensure that you have assets left for them.
When it comes to writing your prenuptial agreement, you will need to consider everything that you’d like to keep once the divorce has been processed. This includes factors such as:
• Details of what will happen with joint bank accounts
• Who will manage expenses and/or other household bills
• Details of how savings contributions will be managed
• Details of how finances relating to your children will be shared
Because a Court will make the final decision on certain aspects of a marriage breakdown, details of how custody of any children shared will be arranged after the divorce and should not be included in a prenuptial agreement.
This is because child arrangement orders may be given in certain circumstances, meaning that the solution explained in your agreement cannot be granted.
A post-nuptial agreement (‘post-nup’) is similar to a pre-nup yet as the name suggests, is created after the marriage has taken place.
Post-nuptial agreements are drafted with a view to assist a couple in financially planning their futures if there is a marriage breakdown. Similarly, a post-partnership agreement applied to civil partners.
The law surrounding all three types of nuptial or partnership agreements are considered at the of the marriage or partnership breakdown, as opposed to when the agreement was entered.