Wedding season - do I need a prenup?

With the summer wedding season fast approaching, now is the time to consider entering into a prenup. You might have heard of the term ‘prenup’ having only been used by celebrities or those who are very rich. This is not true, and they can be applicable to everyone. You may be thinking what is a prenup and why do I need one?

What is a prenup?

A prenup is short for a ‘Prenuptial Agreement’. In the UK, it is a legal document which is drafted in advance of a couple getting married or entering into a civil partnership. It sets out what should happen to the assets in the event that the marriage or civil partnership breaks down.

Do I need a prenup?

Prenups are becoming increasingly popular as more people decide to marry later in life after having accumulated their own assets and wealth. A prenup will enable you to seek to protect and safeguard these assets such as inheritances or savings built up many years prior. If you have substantial assets, you should consider taking steps to protect these assets in the event of a divorce or separation later down the line.

You may be entering into your second marriage and wish for your children from your first marriage to benefit from any future inheritance. Or you may wish to make provision for specific assets to pass to your children from an earlier relationship. These are provisions which can be included in a prenup.

I am getting married in a few weeks, is it too late for me to have a prenup?

It is recommended that a prenup should not be made within the 28 days immediately before the wedding or civil ceremony, as this could give rise to signs of one party being pressured or unduly influenced into signing the agreement.

It is important that for a prenup to be upheld and considered by the court in any future divorce or dissolution proceedings, neither party were subjected to any kind of pressure to sign the agreement.

If there are less than 28 days before your wedding or civil ceremony and you wish to enter into a prenup, we can still help. Although it may be too late to enter into a prenup, we can consider preparing a Postnuptial Agreement, which is very similar to a prenup, save that it is entered into after the marriage.

Do both me and my partner need a solicitor?

It is important that both you and your partner receive independent legal advice on the terms of a prenup. This will help show that each of you understands the terms of the agreement you are entering into and wish to be bound by it within future divorce or dissolution proceedings.

Prenups are not legally binding in the UK but are given significant weight in any future proceedings if they are entered into correctly.

If you would like to discuss entering into a prenuptial agreement, please contact one of our specialist family solicitors. Further details regarding prenups can also be found on our website here: Prenuptial Agreement Solicitors Family Solicitors Birkett Long LLP