Prenuptial Agreements: What You Need to Know Before Saying “I Do”
It is officially wedding season! While the topic may seem unromantic or even taboo to some, prenuptial agreements have become increasingly common—and for good reason. A prenuptial agreement, often referred to as a “prenup,” is a legal contract entered into by a couple before they get married, which sets out how they intend their finances to be arranged during the marriage, and in the unfortunate event their marriage comes to an end. They provide clarity, security, and a framework for financial matters that can benefit both partners, regardless of wealth or assets.
A prenuptial agreement outlines how a couple’s assets, debts, income, and other financial matters will be handled in the event of divorce, separation, or death. While often associated with wealthy or famous individuals seeking to protect their fortune, prenuptial agreements are becoming increasingly popular among clients from all walks of life wishing to achieve certainty and fairness in the event that they divorce in the future. They are particularly relevant for those with children from previous relationships, business owners (including family farms), those who may receive (or have already received) an inheritance, or anyone entering a marriage with significant financial obligations or disparities.
Following the Supreme Court decision in Radmacher v Granatino [2010] UKSC 42 in October 2010, the courts in England and Wales will uphold a prenuptial agreement that is freely entered into by both parties with a full appreciation of its implications, unless in the circumstances it would not be fair to uphold the agreement. Provided that test is met, the court will give effect to a prenuptial agreement, so you should expect to be held to its terms if you decide to enter in to the agreement. It is essential that both parties receive independent legal advice.
While prenuptial agreements may not be the most romantic or fun part of wedding planning, they can offer peace of mind and a strong foundation for marriage. Far from being a sign of mistrust, a well-crafted prenup can demonstrate foresight, responsibility, and a mutual commitment to a fair and transparent future together.
Before walking down the aisle, we would advise you to consider having a candid conversation about your financial expectations. A prenuptial agreement might just be one of the most thoughtful decisions you make for your future.
We offer expert advice on prenuptial agreements. Every case is different, and we can give you bespoke advice at the early stages of thinking about entering into an agreement, and we can help you to negotiate the terms, and draft the agreement. We can also provide advice on setting unfair prenuptial agreements aside.
We can also provide advice on cohabitation (living together) agreements if you are living with a long term partner, without being married, or advice on a postnuptial agreement (a ‘postnup’) if you are already married but want to have peace of mind and certainty if your marriage was to end for any reason.
We offer a free initial 30 minute appointment at our offices in Fakenham or Holt. To arrange an appointment with one of our family lawyers please get in touch. Our telephone number is 01328 863131 or our email address is [email protected].
