Prenuptial agreements, or “prenups,” are becoming more common in the UK as couples look to protect their financial interests before marriage. Far from being a sign of distrust, a well-drafted prenuptial agreement is a practical tool that can give both parties clarity and peace of mind. This article examines the purpose, benefits, legal considerations and common myths surrounding prenuptial agreements.

What is a Prenuptial Agreement?

A prenuptial agreement is a legally binding document between two people before marriage that outlines how assets will be divided in divorce or separation. Prenuptial agreements are constitutionally protected and enforceable under specific laws in many jurisdictions. It can cover property, savings, debts, inheritance and even future income, so it’s a tailored approach to asset division.

Why get a Prenup?

Prenups help protect pre-marital assets, family businesses or inheritances. You need to consider your financial situation when drafting a prenuptial agreement so it’s fair and enforceable. A prenuptial agreement clarifies financial responsibilities during the marriage and reduces conflicts if the relationship ends. For second marriages, a prenup can protect children’s inheritance rights.

Benefits of Signing a Prenuptial Agreement

Signing a prenuptial agreement can have many benefits for couples getting married. One of the main advantages is that it allows couples to have open and honest conversations about their financial expectations and goals. This can prevent potential conflicts and ensure both partners are on the same page. A prenuptial agreement can also give you security and stability as it outlines how assets will be divided in the event of a divorce. A prenuptial agreement can also protect specific assets like family businesses or inheritances and provide a framework for managing finances during the marriage. Anyone getting married should consider signing a prenuptial agreement. However, some people may benefit more from a prenuptial agreement than others. For example, people with significant assets such as property or investments may want to consider a prenuptial agreement to protect their wealth. Couples getting married for the second time or who have children from a previous relationship may also benefit from a prenuptial agreement. People expecting to receive a large inheritance or have a family business may want to consider a prenuptial agreement to protect their interests.

What to Include in a Prenuptial Agreement

A prenuptial agreement should include a complete outline of how assets will be divided in the event of a divorce. This can consist of property, finances, investments and other assets. The agreement should also outline how debts will be handled and how financial responsibilities will be managed during the marriage. Couples may also want to include provisions for spousal support, childcare and long-term care. You should seek independent legal advice to ensure the agreement is fair and reasonable.

Protecting Specific Assets

A prenuptial agreement protects specific assets one or both parties bring into the marriage. For example, if one partner owns a family business, a prenup can ensure the business stays within the family in the event of a divorce. Inheritances and significant personal investments can be protected through a prenuptial agreement. Couples can avoid potential conflicts and protect their individual financial interests by defining the ownership and division of these assets.

Are Prenups Legally Binding in the UK?

While prenuptial agreements are not automatically legally binding in the UK, courts are increasingly willing to uphold them if they meet specific criteria. For a prenuptial agreement to be legally enforceable, it must meet the following criteria:

• Be freely entered into by both parties without coercion.
• Be fair and reasonable at the time of signing and at the time of divorce.
• Have full financial disclosure from both parties.
• Be signed at least 28 days before the wedding to avoid claims of undue pressure.

Legal advice for each party is also recommended to ensure fairness.

Common Myths

“Prenups are only for the wealthy.”

This is a myth. Prenups can benefit couples of all backgrounds by giving clarity and reducing the cost and stress of divorce.

“Suggesting a prenup means you don’t trust each other.”

On the contrary, discussing a prenup can strengthen the relationship by having open conversations about finances.

Alternatives to Prenups

If you are already married, a postnuptial agreement is an option. Trusts and other estate planning tools can also protect assets.

Contact Lewis Nedas Law to discuss your prenup

A prenup is a practical step for anyone getting married, with a clear plan for asset protection and less uncertainty. Consulting a specialist family solicitor means the agreement will be fair, balanced and more likely to be upheld by the courts. If you need advice on drafting a prenup, contact Giovanni Lombardo at Lewis Nedas Law.