A prenuptial agreement, more commonly referred to as a prenup, is a formal written agreement signed by two parties prior to their marriage.
Whilst many couples feel uncomfortable discussing what would happen financially should they split up, having a prenuptial agreement can avoid upset and could save legal fees in the future.
The agreement sets out “who owns what” (money, assets and property) and details what the parties intend to happen to those assets, should their marriage break down in the future.
A prenuptial agreement forms a contract and it is advisable that both parties get independent legal advice as this agreement details the parties’ assets, property ownership, business interests, income and how it will be split on separation.
Obtaining a Prenuptial Agreement
It may not be your top priority when planning your special day but it is something that you should not put off as there is guidance as to the timing of such a document. A prenuptial agreement is not only for the wealthy and famous, but it can also be part of prudent financial planning and the earlier advice is sought the better the chance that it will hold up in court at a later date.
The advantage of having a prenup prepared well in advance is that both parties cannot argue that they were rushed or forced into signing the document. If prepared properly, the document will provide peace of mind and a clear understanding so that each party is aware of what they would achieve in the unlikely event of a future split.
A postnuptial agreement is entered into after the marriage or civil partnership and again can deal with all financial, business or property aspects of the partnership should you decide to separate.
Your circumstances may have changed over the years, inheritance or business issues may have affected the wealth of either party and you may wish your assets to be further protected should you separate.
Contact our Family Law Solicitors
The Pearson Solicitors family law team are based across our offices in Oldham, Failsworth and North Manchester (Junction 22 of the M60).
Call us on 0161 785 3500 today for a free initial consultation about how we can help you sort out your prenuptial or postnuptial agreement. Email the family law team firstname.lastname@example.org or use our online enquiry form and we’ll call you back.