Prenuptial Agreement Lawyers in Dorset
The decision to get married is extremely important, particularly as this is the time when many important and life-affecting decisions are made. It is, therefore, the perfect opportunity to communicate with your partner about your respective views and understanding of your relationship and what this will hold in the future. By having a prenuptial agreement drawn up, you will provide some certainty and a clear basis from which you will commence your married life together.
Prenuptial agreements can assist you in establishing how your income and capital issues are going to operate. Some examples of what they can cover are detailed below:
- The establishment and operation of joint accounts
- To determine what expenses will be joint and what will be individual
- How inheritances to either of you individually will be treated
- How pre-owned property and assets will be treated
- The financial agreement where there are children involved already born to one of you
Where one or both of you have been married previously and are entering into a subsequent marriage, it can be even more important to make these decisions. Particularly where wealth is likely to have accumulated and may require specific protection.
It is very important that the following formalities are followed when preparing a prenuptial agreement:
- Both parties must give full disclosure of their finances.
- Both parties must take separate legal advice. Prenuptial agreements can be tailored to reflect any requirements of a couple but must always be negotiated via solicitors to make them binding.
- The agreement must be signed in good time before the marriage. A period of at least 21 days between signing the agreement and the wedding day is required but a longer period than that is advisable.
- It must be an agreement that both parties enter as willing people – i.e. neither person must have felt pressurised to enter the agreement.
It is often said that prenuptial agreements are “not worth the paper they are written on”. Whilst prenuptial agreements are not strictly enforceable in this country, they are certainly becoming more and more influential and persuasive. Financial settlements upon divorce are often worked out according to what is fair according to the Court and legal principles and considerations. The existence of a prenuptial agreement is certainly likely to influence a Court when finances are divided. Prenuptial agreements enable couples to ring fence pre-existing assets, inherited wealth, business, pensions and so on and to therefore clearly impose their own views of what is fair in their own circumstances. Therefore, it gives more control to you.
It is important to appreciate from the outset that certain issues can override an agreement and make it invalid – such as the birth of children, extreme ill health, significant changes in financial circumstances or even simply the passage of time. It is important that periodical reviews can be built into the agreement. Furthermore, prenuptial agreements can be made into post nuptial agreements after the marriage giving further weight to their enforceability.
Frequently Asked Questions About Prenuptial Agreements
A prenuptial agreement (often called a “prenup”) is a document entered into before a couple get married or form a civil partnership.
It records how they intend to deal with their finances during the relationship and, importantly, how assets should be divided if they later separate.
Prenuptial agreements are particularly common where one or both parties:
- Own property before the relationship.
- Have substantial savings or investments.
- Own a business.
- Expect to receive an inheritance.
- Have children from a previous relationship.
- Are marrying later in life after building up assets independently.
In England and Wales, prenuptial agreements are not automatically legally binding.
However, the courts increasingly recognise and give significant weight to properly prepared prenuptial agreements.
A court is likely to take an agreement into account if:
- Both parties entered into it freely.
- Each understood the implications of the agreement.
- Both received independent legal advice.
- There was full financial disclosure.
- The agreement is fair in the circumstances.
The court’s primary concern will always be whether the agreement meets the parties’ financial needs and protects the welfare of any children.
If enforcing the agreement would lead to an unfair outcome, the court can depart from its terms.
Although there is currently no legislation making prenups automatically binding, guidance from the Law Commission recommends several safeguards which family lawyers generally follow when preparing them.
A well-prepared prenuptial agreement should:
- Be entered into freely
Neither party should be pressured or forced into signing. Both must enter into the agreement voluntarily.
- Be properly drafted and signed
The agreement should be prepared as a formal legal document and executed correctly.
- Be signed well before the wedding
Ideally, the agreement should be finalised and signed at least 28 days before the ceremony. Leaving matters until the last minute can increase the risk of challenge later.
- Include full financial disclosure
Each person should provide clear details of their assets, liabilities, income and financial circumstances.
- Be supported by independent legal advice
Both parties should receive advice from their own solicitor so they fully understand the effect of the agreement.
- Allow for financial needs
An agreement cannot prevent a court from making financial orders necessary to meet either party’s reasonable needs.
- Protect the interests of children
The welfare of any children will always take priority. An agreement cannot override the court’s duty to ensure that children’s needs are met.
For many couples, the answer is yes.
While no solicitor can guarantee that a court will enforce every aspect of a prenuptial agreement, a carefully prepared agreement can provide a number of important benefits.
It provides clarity
Many people do not fully understand the financial consequences of marriage. Discussing a prenup encourages both parties to understand their rights and responsibilities from the outset.
It can reduce disputes
By setting expectations early, couples may be able to avoid costly disagreements if the relationship ends.
It records pre-marital assets
Prenuptial agreements normally contain details of what each person owns before the marriage. This can provide useful evidence if there are later discussions about protecting assets acquired before the relationship.
It may help protect inherited or family wealth
Where a party expects to receive an inheritance or a substantial gift from family members, a prenup can help demonstrate the intention that those assets should remain separate.
It is particularly valuable in second marriages
People who are remarrying often wish to preserve assets for children from previous relationships. A prenuptial agreement can be an important part of that planning.
It can be updated
As circumstances change, agreements should be reviewed. Significant life events such as the birth of a child, receiving an inheritance, or major changes in finances may justify updating the agreement.
Every couple’s circumstances are different. Whether a prenuptial agreement is appropriate will depend on your finances, family situation and future plans.
If you are considering a prenuptial agreement, speaking to an experienced family solicitor can help you understand your options and ensure the agreement reflects your circumstances and intentions.
At HGW Solicitors, our family law team can advise you on preparing a prenuptial agreement, protecting your assets and understanding the financial implications of marriage.
We assist clients across Wimborne, Broadstone, Christchurch, Verwood, Ferndown and the surrounding Dorset areas.
Contact HGW Solicitors to arrange an appointment with our Family Law Team.
Book your initial consultation
To understand your options Harold G Walker Solicitors offers an initial appointment, so you can discuss your situation and concerns with one of the Family Lawyers. They will provide you with an overview of the process and answer any questions or worries you may have.
We currently offer two ‘no obligation’ options for a consultation as follows:
A Free Discussion by telephone:
- Is limited for up to 15 minutes
- Is designed to provide general information about the law and legal practice, but is not applied against the specific circumstances of your case
- Is not intended for discussion of confidential information and therefore should not create a ‘conflict’ which might otherwise prohibit HGW solicitors providing similar free general information to both parties in the same legal matter
OR
A Fixed Fee Consultation:
- Is limited for up to 45 minutes of legal advice
- Is for a fixed fee of £75 plus VAT @20% (total £90)
- The fee payable for a fixed fee consultation covers the meeting only, and does not extend to any further advice, correspondence, or representation unless HGW Solicitors enter into a separate agreement with you following this meeting.
Once an appointment has been made it would be very helpful if you could bring:
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- Identity documents: passport/driving licence and utility bill stating name and address
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- Information about your finances – joint and individual
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- Pen and paper to write down notes from the meeting
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- List of specific concerns that you have
For further information please contact a member of the Family Team
