Has your wedding been postponed due to Covid-19?
2020 will be a year to remember for a number of reasons. For many, it will be the disappointment of delaying the date, postponing the party and waylaying the wedding until 2021.
Why not use this time to decide whether a prenuptial agreement is something that you both want to include as part of your preparation for married life? No longer regarded as something for the rich and famous only, prenuptial agreements are becoming an increasingly popular way of agreeing, at the outset, what would happen to the parties' assets in the event of a divorce, particularly where the assets exceed the 'needs' of the parties.
Such agreements can give the parties the option to have a say in what should happen and to have some control over the financial outcome. What about seeking to shield or 'ring-fence' any family wealth or assets acquired before the marriage?
Such agreements, which are entered to in contemplation of marriage, were previously regarded as unenforceable. Although the Court can override your wishes (in longer marriages for example), the Court is now giving some weight to such agreements. The Court must have regard to all of the circumstances in the event of separation but a prenuptial agreement is increasingly being regarded as a 'relevant circumstance'.
As with any legal document, there are certain formalities that must be observed:
- The agreement must be fully entered into by you both, without any pressure from one party. For example, do not leave it until the last minute to sign your agreement. Anything signed within 28 days before the marriage is generally regarded as inappropriate.
- You must both fully appreciate the implications of entering into the agreement. Before any agreement is signed, each party must be fully aware of the financial position of the other (the financial disclosure stage). You should both take independent legal advice before entering into the agreement from a specialist family lawyer.
- The agreement must be a fair one, including for any children and future children. It must meet the needs of the parties and any children.
- Do remember to review your prenuptial agreement if there are any changes in circumstances, such as the birth of children.
Whilst not everyone will want to contemplate the end of the marriage before it has even begun, prenuptial agreements are certainly gaining in popularity as a good way of helping couples decide what should happen in the event of a divorce.
Get in touch with us
Wards Solicitors has a highly experienced team of eight family and divorce law specialist solicitors ready to help across 11 local offices. We offer telephone meetings and where appropriate, free initial discussions of up to 30 minutes.
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For more information, please contact Louise Boustead, Family Law Partner in our Yate office on 01454 316789 / email louise.boustead@wards.uk.com, or one of our Family & Divorce solicitors local to you.