It is becoming increasingly commonplace for couples getting married to enter into a pre-nuptial agreement. We have put together some helpful hints and tips for all those getting married to answer some of the more commonly asked questions.
- What is a pre-nuptial agreement?
A pre-nuptial agreement is a written contract between two people who are about to marry, setting out the couple’s intentions for their financial affairs and division of assets in the event of a divorce.
Pre-nuptial agreements are not 100% binding in the UK yet. However, agreements which are fair and correctly executed can be upheld in the event of divorce. It is important however that both parties disclose all relevant financial information to be able to make informed decisions, that they are in writing, and that both parties take independent legal advice first.
- How long before the wedding should we sign a pre-nup?
It is recommended that a pre-nuptial agreement should be signed at least 28 days before the date of the wedding. Any later, and it could result in the agreement not being upheld, or there being arguments about fairness and pressure.
- How long does it take to get a pre-nuptial agreement drafted?
That depends on how simple or complex the agreement is. However, to make sure you have both had ample opportunity to review the agreement, raise any questions, make any amendments, and take proper legal advice, it would be worthwhile contacting a solicitor well in advance of the wedding. Leaving it until 5 weeks before might be cutting it a bit fine, and the pressure for everyone in the run up to the wedding might not be the best for anyone. No one needs added stress before the big day, so we would recommend taking legal advice at least a couple of months before the date of the wedding. The earlier the better so it’s one less thing to worry about.
- Do I need a pre-nup?
We are finding that pre-nuptial agreements are becoming more popular amongst younger couples, as well as those who may have been through a divorce previously. It is becoming commonplace for couples to have realistic conversations about their expectations in the event of a separation down the line. Whatever your financial situation, a pre-nuptial agreement is usually recommended for anyone before getting married. It sets out the couple’s intentions in the event of separation, everything from the house, to incomes, and pensions. You can even set out what happens to the dog!
- Isn’t it a bit unromantic to talk about getting divorced before we are even married?
For some people, it can be a very difficult subject to bring up. But it is important for couples to be realistic and clear in their expectations before getting married to avoid arguments and upset down the line. Having good communication is the cornerstone to any relationship, and whilst no one wants to think about splitting up, sadly it is a reality for many couples. Think of it like car insurance – no one gets into a car expecting to have a crash, but having insurance in place, in the event that the worst was to happen, is sensible. Hopefully you will never need a pre-nuptial agreement, but knowing it is there in the background might just help avoid arguments in the future.
For more information, or to book an appointment to talk about pre- and post-nuptial agreements, contact our team today on 01928 735333.