Is a Prenuptial Agreement for me? ❤️

I am sometimes told by clients that they believed that a prenuptial agreement was only really applicable for the very wealthy or celebrities. They have images of teams of expensive, sharp suited lawyers in fancy offices testily negotiating which party keeps the yacht or the supercar. This may have been the case in the past but today, the landscape looks very different. Increasingly couples with much more normal financial circumstances are using prenuptial agreements as an effective tool to assist their marriage.

It is increasingly the case that couples are marrying later and many already own property before their marriage.  Often couples may already have had children together or have children from previous relationships and they wish to protect assets for benefit of these children. It is far more common for couples in later life to marry, or remarry, and these couples often already have considerable assets that they wish to protect or preserve for their grown-up children.

A prenuptial agreement can allow couples in these situations to seek to ring-fence these pre matrimonial assets or attempt to prevent a dispute in the event of a relationship breaking.

One of the biggest shifts towards prenuptial agreements becoming a much more common tool is a change in attitude as to what a nuptial agreement is there to do. Often a prenuptial agreement is less about shielding pre-existing wealth from a person’s spouse and more as a form of financial planning going into the marriage.

By constructively thinking and discussing their expectations in advance couples can:

1. Agree how that finances will be managed in the marriage
2. Decide which assets will be treated a joint property and which as separate property.
3. Set out their intentions for the potential division of assets on separation.
4. Aim to reduce the emotional and financial strain of contested proceedings on a possible future separation.

While having such discussions may perhaps not be felt to me the most romantic thing a engaged couple can do, such conversation can enhance communication between partners and help them to understand the other’s priorities and goals.

It is always important to remember that prenuptial agreements are not automatically legally binding under the laws of England and Wales. However, following the key Supreme Court case of Radmacher v Granatino in 2010 they can carry significant weight.

Although they are inherently complex, the guiding principle behind prenuptial agreements is simple: The court is highly likely to respect the parties ability to enter into such agreement and for this to be upheld against them, providing it is fair to do so.

What is “fair” is highly contextual to each couples financial circumstances and marriage. However, in general terms there are a number of points that will assist the parties in demonstrating that any agreement could be fair;

1. Exchange of financial disclosure: There should be adequate financial disclosure given by both parties so that the agreement is based on clear and accurate information
2. Independent legal advice: Both parties should seek the advice of independent solicitors so that they can fully understand the consequences and implications of the agreement.
3. Freedom from duress: Each party should also be able to demonstrate that they were able to reflect on the proposed terms without the pressure of being required to do so within a very short period of the marriage. Ideally a nuptial agreement should be entered into no less than 28 days before the marriage but it should be completed as far in advance as possible.
4. Each party’s needs must be met: A agreement is likely to fail if it leaves one party in a situation of unreasonable financial hardship. The court cannot consider an agreement fair if a party is unable to meet their needs or needs of any children involved.

So, is a prenuptial agreement for me?

If you have pre-existing assets before marriage, inheritance, children from previous relationships, pre-existing properties or simply want clarity and fairness built in, then a prenuptial agreement could well be for you.

If you are soon to be married and are considering a prenuptial agreement, getting in touch with an experienced family law solicitor is highly recommended. Clive Hogan is a Senior Associate Solicitor at Elite Law Solicitors. He qualified in 2018 with a boutique family law firm in Surrey. Before Joining Elite Law in 2023, Clive worked with several well-regarded law firms in Surrey and Hampshire, providing expert family law advice.

Clive is a member of Resolution and strives to provide clients with advice to resolve matters in as efficient and amicable manner as possible.

Clive regularly provides specialist legal advice on prenuptial agreements to clients all over the country. In addition to office meetings, he offers remote meetings via telephone and video conferencing software and can assist you wherever you are based.

If you require expert legal advice or assistance relating to a prenuptial agreement, book a free initial appointment with a specialist prenuptial agreement solicitor by calling 0800 086 2929, emailing info@elitelawsolicitors.co.uk or by completing our Free Online Enquiry Form.

The content of this article is for general information only. The information in this article is not legal or professional advice. If you require legal or professional advice you should obtain independent expert advice from qualified family law solicitors such as those within our firm.