“Cover all
the angles”
Read more articles in: Blog, News, Stuart Daniel
It will probably come as no surprise that the spring and summer months are the most popular for wedding celebrations.
As the days get longer and the weather gets warmer, more and more couples will be celebrating their love by tying the knot over the coming months.
However, when it comes to planning your nuptials, you cannot forget about the importance of protecting your assets.
Although no one goes into marriage with the intention to divorce, it is nevertheless vital to consider putting a pre-nuptial agreement in place.
Elaine Collins, Senior Associate in Family Law, outlines the process of setting up a pre-nuptial agreement.
What is a pre-nuptial agreement?
A pre-marital or pre-nuptial agreement (often referred to as a “pre-nup”), or a pre-partnership agreement in a civil partnership, is an agreement between a couple made before they formalise their relationship. Such agreements are designed to set out the financial arrangements that will apply, and what should happen to their property and assets in the event of a permanent separation.
This provides both partners with security and a practical solution to any future problems that may arise if they divorce.
Whilst pre- and post-nuptial agreements are not strictly legally enforceable, the terms of an agreement were approved and held in favour of by the Supreme Court ruling in the case of Radmacher v Radmacher (formerly Granatino) in October 2010.
Since this date, the courts have applied greater weight to pre- and post-nuptial agreements, which has provided greater security to parties getting married.
Why set up a pre-nuptial agreement?
Nobody intends for their marriage or civil partnership break down.
However, life doesn’t always go according to plan, so it is pragmatic to think about what would happen in the event of a split.
In many cases, the courts will rule that a couple’s assets should be split equally upon divorce, but this is not always the case.
If you are marrying for a second time, you may want to protect assets from your first marriage. Additionally, if you have children from a previous relationship, you might wish to preserve your assets for them instead of your new partner.
More and more people are also marrying at a later stage in life, meaning they are more likely to possess their own assets before marriage. This may account for the significant increase in the number of couples entering into a pre-nuptial agreement in recent years.
Should I sign a pre-nuptial agreement?
There are several factors for both partners to consider when drawing up a pre-nuptial agreement.
Raising the subject of a pre-nuptial or post-nuptial agreement with your partner can feel daunting.
However, framing it as a way to protect both of you and your shared future can help.
An agreement can provide clarity and transparency – knowing where each partner stands financially can prevent misunderstandings in the future.
Additionally, far from suggesting mistrust, an agreement can reduce stress and uncertainty, allowing couples to focus on their relationship.
At the end of the day, both partners need to consider carefully whether a pre-nuptial agreement is right for them.
Drawing up an effective pre-nuptial agreement
To ensure that the pre-nuptial agreement is fair:
The agreement should be reviewed at regular intervals to acknowledge any changes in circumstances and keep the document up to date.
Secure your assets for a stress-free wedding season
You should always seek professional, independent advice tailored to suit your specific circumstances before entering into any arrangements.
If you are considering entering into a pre-nuptial agreement but are running out of time before the big day, you can make a post-nuptial agreement to establish the financial and other arrangements in the event of a dissolution or a divorce.
Our dedicated team of family lawyers can help you to ensure that your assets are protected, leaving you to enjoy your wedding day stress-free.
Contact our family law experts today for tailored advice on setting up a pre-nuptial or post-nuptial agreement.
Director – Head of Family Department
I qualified as a Solicitor in 2006 and now specialise in divorce, financial settlements, childcare arrangements and Pre Nuptial Agreements. I have many years’ experience as a private family lawyer having worked with two other local firms before returning to Mander Hadley, where I first undertook work experience during my university studies.
Latest posts by Stuart Daniel (see all)