If you're thinking about entering into a prenuptial agreement, you're not alone - they are becoming much more popular nowadays. Here are some things you should remember when drawing one up.
Preparing for marriage is a very happy time for any couple. They are planning a long and happy life together, so don't want to even think that things might fall apart later. But with up to half of marriages in the UK ending in divorce nowadays, a sensible couple should give serious consideration about what should happen should their forthcoming marriage suffer that unfortunate fate. In short, they shouldn't go into marriage without first having made a prenuptial agreement.
Although the huge increase in the amount of people divorcing has made the prenuptial more popular, many people are not certain what they are or how to go about getting one. A prenuptial agreement is a contract made between the couple before they actually marry. In it they decide how their assets should be split in the event of divorce. The prenup may also stipulate how the assets will be split if one of the couple dies. This means that provision can be made for any children brought into the marriage by one of parties.
So why is it so necessary to agree how you might divide any assets should you divorce? The division of assets following divorce is almost always contentious. This is particularly so if one of the spouses takes the larger percentage of assets into the marriage,and faces losing them at a divorce hearing. By taking out a prenup, he/she could protect themselves from losing their personal assets as well as having to pay potentially crippling maintenance to their former spouse.
Both parties signing the prenuptial agreement should understand that current UK law does not require British courts to accept the agreement when making a ruling. But they may well take a prenup into account if one has been drawn up.
Because of this uncertainty over the status of the prenuptial agreement in the UK, couples drawing one up are therefore advised to take prudent steps. Make sure it is signed no less than 21 days before the date of the wedding. Any later and it could be ruled that one of the couple had signed it under duress, thereby making it almost certain the agreement would be discounted at any divorce hearing. It is also advisable that your prenuptial agreement is drawn up by a specialist solicitor, making it all the more probable it will be accepted by the courts should the marriage end in divorce.
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