​​A Prenuptial Agreement in the UK is a legal document, drafted in advance of a couple getting married, which sets out their assets at that time and how they intend them to be divided in the event of a divorce.

What is the purpose of a Prenuptial Agreement?

A Prenuptial Agreement provides clarity as to how assets would be divided in the event of a relationship breaking down. The number of people marrying for a second, third (not to mention fourth and fifth) time in England and Wales is at its highest ever level. This has resulted in the age of those who marry increasing and, as a result, they often bring more assets into the marriage. This means that, potentially, couples have more to lose financially if their relationship fails.

​​A Prenuptial Agreement enables you and your spouse to discuss important financial matters in advance of marriage. This provides you both with certainty and understanding in contemplation of the marriage. 

Why should I have a Prenuptial Agreement?

​The Prenuptial Agreement enables you to set out how your property and finances will be dealt with during your marriage and what would happen if you got divorced.

​​The types of provisions within a Prenuptial Agreement could include:

• Protecting inherited money, assets or savings

• Allowing one partner to retain full control of business assets and ownership

• Protection from the other person's debt

• Allowing children from a first marriage to benefit from any future inheritance or making provision for specific assets to pass to children from an earlier relationship

• If there is an international element, which country should have jurisdiction if the marriage were to fail

The final point is an important one, as you should consider having a Prenuptial Agreement if there is an international aspect to your relationship. The same applies if you have substantial assets that you wish to preserve or you have children from a previous marriage whose inheritance you seek to protect.

Can I protect my pension with a Prenup? 

Because so many people now marry later or for a subsequent time, there can be concerns over losing part of any pension in a divorce settlement. A Prenuptial Agreement can protect this. 

How long does a Prenuptial Agreement last?

A Prenuptial Agreement is a contract designed to last for the duration of the marriage. There are events in life which may trigger a need to review the agreement and there can be provision within it for a review to take place. The events that will trigger a review can be tailored to your circumstances but often include a child being born or adopted; one person being unable to work; or a review date fixed for a certain key anniversary. It will be for you both to agree whether the Prenuptial Agreement remains fair in the circumstances at the time the review takes place. 

Are Prenuptial Agreements legally binding in the UK?

Although not legally binding in the UK, the perception of these type of agreements has changed dramatically over the last 20 years. Previously, they were perceived as being against public policy but with the rise in second and third marriages, society and the courts are accepting that couples wish to protect assets that have been generated in their earlier life. .

The Law Commission published a report recommending certain requirements must be met to ensure that Prenuptial Agreements are enforceable. If these requirements are met, the court will give the agreement due consideration. The recommendations were as follows :

1. The agreement must be contractually valid and executed as a deed

2. ​​It must not have been made within the 28 days immediately preceding the wedding

3. Both parties to the agreement must have received disclosure of material information about the other party’s financial situation when entering into the agreement

4. ​Both parties must have received legal advice at the time they entered into the agreement

5. ​It must not prejudice any children

6. Both parties’ needs must be met – needs and reasonableness vary from case to case.

Speak to a specialist family solicitor

At Birkett Long we have a large team of specialist family law solicitors who would be happy to discuss how we can help you. Contact one of the team for a free 15 minute consultation.