A prenuptial agreement is basically an agreement made by a couple before they become married. The agreement sets out how they would like their assets split if they ever separate.
Around 50% of all marriages now end in divorce and furthermore family courts have large powers to re-distribute family property. Therefore prenuptial agreements are becoming more popular throughout the UK.
After marriage all of a couples assets become what are known as matrimonial assets, a prenuptial agreement is designed to limit any claims on any of those assets by the other party if the marriage does end. Although prenuptial agreements are currently unenforceable when properly drafted it can be used as highly persuasive evidence in court to indicate how a couple agreed to split assets before they became married. This obviously can have a large effect on the way things are distributed if the marriage ends, furthermore existing prenuptial agreements could become enforceable in the UK in the future.
Prenuptial agreements can be used in a variety of different situations, such as protecting assets that are owned before a marriage, inherited assets and any legacies to children from previous marriages. Whether remarrying later in life or entering into a marriage with your partner you should consider the benefits of a prenuptial agreement.
Please contact us if you are planning to get married and would like any advice on prenuptial agreements and how they could benefit you. Prenuptial agreements have been covered in the national press due to the recent decision in the case of 40-year-old German heiress Katrin Radmacher. Preuptial agreements are now binding in English Law and thus serious consideration and legal advice needs to be taken regarding the use of any such agreement.
If you have a query please contact one of our team directly for a telephone discussion. You can also complete a simple form and one of our team of solicitors will contact you as soon as possible to discuss your case.