What is a Prenuptial Agreement?
A Prenuptial Agreement ( or prenup) is an agreement made by a couple before they marry, setting out how they would like their assets split if they divorce.
With around 50% of all marriages ending in divorce these days, and given the powers of the family courts to re-distribute family property, the prenup is becoming more popular in the UK. After marriage, all of a couple’s assets become matrimonial assets. A Prenuptial Agreement is designed to try and limit any claims on those assets by the other party if the marriage ends.
Why would I need a Prenuptial Agreement?
There are many reasons why people decide they want a prenup, including:
anyone with substantial business assets
those perhaps marrying again, wishing to safeguard assets for children from an earlier marriage
anyone concerned about “gold digging” from their new spouse should the marriage fail
Is my UK Prenuptial Agreement enforceable?
Although currently unenforceable, a prenuptial contract properly drafted by a specialist family solicitor can be persuasive evidence to the court in indicating how a couple agreed before they married to divide their property – this can have a significant impact on the outcome of a divorce case. Furthermore existing prenuptial agreements could become enforceable in the UK in future.
The Case of Karen Rademacher
The case of Karen Rademacher, the German heiress, reported on October 20, 2010, showed the willingness of British courts to accept that “decisive weight” should be given to UK Prenuptial Agreements. This decision is a significant step towards the prenuptial contract becoming legally enforceable in England and Wales.
Prenuptial Agreements are becoming increasingly popular as a method of protecting assets owned before marriage, inherited assets, and legacies to children from a previous marriage – especially for those who remarry later in life.
Anyone thinking of marriage should consider whether they need a Prenuptial Contract.
Contact our UK Prenuptial Agreement Solicitors
For swift, expert advice, contact our specialist UK Prenuptial Agreement Solicitors today:
- for a FREE initial telephone consultation call 0800 1404544 or
- Complete the contact form below