A Prenuptial Agreement, or prenup, is an agreement willingly entered into prior to marriage.
Should the marriage end in divorce, a Prenuptial Agreement is looked to as the key indicator regarding the division of wealth.
Although not currently binding under UK law, a Prenuptial Agreement will be effectively upheld as a legal contract – unless a court of law later deems the agreement to be structured in such a way so as to inappropriately favour one party over the other.
Divorce in the UK
The Divorce Reform Act of 1969 came into effect in January 1971.
The Act eased restrictions on UK divorce procedure, allowing couples to escape unhappy marriages without having to prove their irreconcilable differences – for example, couples separated for a minimum of two years may now be eligible for divorce.
The Office of National Statistics states that over 100,000 marriages take place in the UK each year – 42% of which will end in divorce.
Advantages of a Prenuptial Agreement
Here at PMC Family Law, we understand that when planning your wedding, divorce will likely be the last thing on your mind.
Taking steps toward protecting your assets and your future financial stability is however becoming an increasingly popular option among couples.
- Prenuptial Agreements can help provide financial security in cases where an individual has children outside of the marriage
- Land, large sums of money, heir looms, automobiles, property, and all other kinds of wealth acquired before the marriage will be protected
- Divorce can prove a time consuming and costly procedure – a Prenuptial Agreement will help you to move more efficiently toward a conclusion
In cases of marriage where a Pre-Nuptial Agreement in not in place, a couple may wish to enter into a Postnuptial Agreement.
A Postnuptial Agreement either serves in place of a Pre-Nuptial Agreement, or as an amendment to an existing Pre-Nuptial Agreement.
A Postnuptial Agreement is normally requested when a married individual stands to inherit the deeds to land and property, or a substantial lump sum payout.
For further information on how our expert Family Law team can help you, contact PMC Family Law today – we have the specialist knowledge you need.