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It is important that you take expert legal advice if you are considering a prenuptial agreement to make sure that it correctly protects your interests and those of your family.
If you would like further information on this issue, please contact the family law team at Hanson Woods Solicitors.
A prenuptial agreement is a formal written document drawn up by a couple before they get married or enter into a civil partnership. The document details how the finances and assets of the couple will be divided in the event that the relationship ends. These agreements are not currently legally binding in the UK, but if done correctly, will be considered by the courts when determining a financial order.
Advantages of a prenuptial agreement
There are various reasons why a prenuptial agreement may be useful for a couple and why they are growing in popularity:
● if one party already has substantial wealth before the start of the marriage● there may be certain assets owned by one party that they want to remain in their possession● they can be used to protect businesses already in existence from before the marriage.● to protect one of the parties from having to take on considerable debt from the other party
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While these agreements can seem unromantic, having these discussions when the relationship is in a positive place can make these decisions easier. If a couple waits until the relationship has already broken down, this can result in a more acrimonious process that is both lengthier and more expensive.
These agreements are not only used in the event of a relationship ending, but can also be used to manage the finances of the couple during the marriage. This could, in turn, prevent the marriage from ending. At Hanson Woods Solicitors, we can support and guide you through the process of setting up a prenuptial agreement that works for you and your partner.