Marta Udoh - Family Solicitor
Is a Prenuptial agreement a good idea?
When the term ‘prenup’ is mentioned, people often think of celebrity couples and scandalous American divorces. However, prenuptial agreements are a useful tool to help navigate married couples through a division of finances and assets should the relationship end, and they consider getting a divorce.
Are Prenups legally binding?
Although prenuptial agreements are currently not legally binding in England and Wales as such, the landmark case of Radmacher v Granatino introduced a monumental shift in the court’s approach to dealing with couple’s finances, when there is a valid prenuptial agreement in place. Consequently, unless a party can demonstrate that the process by which the agreement was entered into, or the outcome is unfair, then the agreement should be upheld.
What is a prenuptial agreement?
A pre-nuptial agreement or a prenup is essentially a contract entered into by a couple before they get married that outlines what should happen when they decide to end their marriage.
What can be included in the prenuptial agreement?
A pre-nuptial agreement can include several things that are agreed between the couple and typically include: how the assets ,property held and future inheritance are to be divided; what should happen to the debts brought into the marriage; what maintenance should be paid to a party and/or children of the family; which party should retain control of any business.
What are the advantages of a prenuptial agreement?
Pre-nuptial agreements are seen as a great tool to protect wealth. They are also a great way to save money in the long term because it is generally better to try and agree what should happen to the couples' finances and wealth should matters go sour and the couple split up at a time when both parties are happy and at the beginning of their married life.
Are Prenups a waste of money?
In short, no. As mentioned earlier, following the landmark case of Radmacher v Granatino the courts will follow the terms as set out in the Prenuptial agreement unless a party can demonstrate that the process by which the agreement was entered into, or the outcome is unfair. This should save you money that would have otherwise been spent on legal fees not to mention the time and stress that comes with arguing over finances in court which can be very lengthy, expensive and traumatic.
Do you have to be rich to get a prenup?
It is a common misconception that only wealthy people should enter into a prenuptial agreement before getting married. You should always consider obtaining specialist legal advice and putting an agreement in place, especially when you have pre-existing assets prior to getting married. It is also extremely important if you are likely to inherit a family home, savings, investments or pensions.
So, is a Prenup a good idea?
Absolutely. The cost of preparing a prenup is a ‘tiny fraction’ of the cost you would incur in legal fees arguing over the division of wealth and assets should the relationship break down. The Prenup sets out the intentions of each party at a time when they are happy and things are agreed.
Please be mindful that relationships can change dramatically through a whole host of change of circumstances, such as one being party being unfaithful or one inheriting a sizeable estate or pension that prenups are a good idea for any couple in today's world where the family unit is becoming more complex.
What does it cost to have Pre-Nuptial agreement?
The cost of an agreement starts from as little as £950 plus vat.
Marta Udoh at F Barnes Solicitors is our Prenup specialist. She can discuss with you what your needs are and can help you understand how a prenuptial agreement would help you and your partner. She will assist you in negotiating a fair and bespoke agreement tailored to you and your particular needs.
Email: Marta Udoh
Tel: 01708 745183
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