Peak wedding season approaching and revisiting a Prenup
With the lure of long, sunny days and warm evenings perfect for dancing under the stars, it’s no wonder that summer is the most popular time of year to tie the knot. Of course, if you’re planning a wedding this summer, you may be wondering whether to go ahead with only a limited number of guests as soon as the Government allows you to do so, delay it until the autumn, or even into 2021. Whatever you decide to do, it’s important to consider a prenup.
What is a prenuptial agreement?
A prenuptial agreement, or prenup, is a legal agreement between you and your partner which details what you would like to happen to your assets, should you ever get a divorce.
While prenups are not legally enforceable in UK courts, a judge may be much more likely to uphold an agreement as long as it was entered into properly. This means that both parties should seek independent legal advice before signing a prenup.
Why would I want to think about divorce when I’m just about to get married?
Divorce family proceedings can be expensive and time consuming. Often, the most difficult (and costly) part of a divorce is the financial settlement.
Agreeing how you will split your assets in advance, when you are both on good terms, may help to save a lot of stress – and money – in the future.
Of course, no-one wants to think about their relationship breaking down when they’re just starting out. But having those difficult conversations now, can help to make sure that should you ever split up, you have an agreement about what you want to happen already in place.
Prenups are actually romantic…
While many people put off doing a prenup because it doesn’t seem very romantic to talk about the end of the relationship before they’ve even said ‘I do’, the opposite is actually true. Discussing the possibility of a divorce now actually shows how much you love each other, as you are doing your best to (hopefully) avoid the stress and strain of a lengthy court battle over assets in the future.
Prenups and divorce family proceedings
It’s extremely important to ensure that your prenuptial agreement is entered into properly, so that it stands the best chance of being upheld in divorce family proceedings in the future (if there were to be a dispute).
Planning your prenup well in advance of your wedding is key. Get in touch for your free consultation with one of our experienced divorce solicitors before wedding season gets into full swing.
Neil Graham, a Partner at Grayfords comments as follows: “Since a judgment of the Supreme Court in 2010 prenuptial agreements, though not automatically enforceable, are now likely to be upheld by the Courts in England and Wales, provided both parties have entered into the agreement freely, with a clear knowledge of each other’s assets and resources, with a full understanding of the effect of the agreement after receiving proper expert advice and provided the agreement does not cause any serious unfairness. Nobody enters a marriage expecting it to fail. However, entering into a prenuptial agreement before marriage, or into a postnuptial agreement after marriage, can be an effective way of agreeing how your assets should be divided without the unpredictability and pain of litigation in the event that it does come to an end.”