Planning to Marry - Do You Need a UK Prenuptial Agreement?
It is a fact of life that attitudes toward marriage and divorce have changed and currently in the UK only 50% of marriages last for the lifetimes of the parties involved. In light of this it is prudent for those planning to get married to invest in a well drafted prenuptial agreement (also known as a pre-nuptial contract or prenup).
The main importance of a UK prenuptial agreement is with regard to the assets both will be taking into the marriage. While couples usually share assets while they are married, once a divorce ensues a court may order them to be split. This may seem unfair to one of the parties if they took the bulk of the assets into the marriage yet is left without a goodly part of them following a divorce.
In a prenup both the husband and bride-to-be can broadly stipulate that the things they own going into the marriage, will revert back to them should it end. The agreement may also stipulate who should own any of the assets garnered by them while they are together. In situations where one party to the marriage brings in their own children, the agreement should specify hows these children should be provided for after the divorce.
The major plus point of having a valid prenuptial agreement for a couple is that in the event of a divorce, they will decide how their personal assets are divided rather than the court. But it must be understood that under current legislation prenups have no legal standing in the United Kingdom. However after the Radmacher case in 2010 the UK courts are considering agreements more and more.
Due to the uncertainty in the law surrounding prenuptial agreements it is crucial that it is drafted well. It is important that each party disclose to each other what assets they own. There is a deadline of 21 days before the wedding by which the agreement should be signed. This is so that one party cannot claim that they were subject to duress whilst they were signing the agreement.
A court can throw out a badly drafted prenuptial agreement, therefore it is so important to get one done properly. It is advisable that those planning to wed enlist the services of a solicitor when drawing up an agreement. You must be aware that no matter how tightly drafted the prenuptial agreement is, the court will not acknowledge it if the marriage is extremely short lived.
About the Author
Bonallack & Bishop are solicitors specialising in UK Prenuptial Agreements (http://www.prenuptial-agreement.co.uk ). If you need advice on a UK pre-nuptial agreement then contact one of their lawyers today. Tim Bishop is senior partner at the firm, responsible for all major strategic decisions. He has grown the firm by 1000% in 13 years and sees himself as a businessman who owns a law firm.
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