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Whilst it is not desired to plan for the end of a relationship, the reality is that sometimes marriages do breakdown and it is often therefore desirable to ensure financial security for you both through creating a prenuptial agreement.
A prenuptial agreement is a document that sets out what will happen to a couple’s assets in the event of divorce. It is signed before a marriage or civil partnership takes place and must be fair to both parties considering the financial circumstances of them both. Prenuptial agreements are often used to protect cash, property rights, business assets, investments, pensions and / or inheritance when the marriage irretrievably breaks down. Whilst incurring costs for the creation of such agreement, it is usually much cheaper to negotiate and draft the document than litigating over the division of matrimonial finances on separation.
You may think typically only celebrities or extremely wealthy individuals create prenuptial agreements but it is becoming increasingly common across all marriages to enter into such agreement. Those entering second marriages often understand the complications and costs that a prenuptial agreement can reduce on divorce. A prenuptial agreement can also work to preserve financial security for children from a previous relationship and can protect business or commercial assets.
Although prenuptial agreements are not legally binding, the Court will generally uphold the agreement if both parties entered into the agreement in full knowledge of its implications. An agreement that is entered into properly and under the guidance of a solicitor is likely to hold more weight in the Court room. The prenuptial agreement need to be in place for at least six weeks before the wedding or civil partnership so that the agreement is not seen to be made in a rushed or careless manner should it need to be used in Court.
It is not too late to preserve and protect your assets once married. An alternative, or addition, to a prenuptial is a postnuptial agreement. This document works in the same way but is entered into post-marriage. It sets out which assets the parties wish to divide and protect should they divorce.
It is also common and sensible to review prenuptial agreements throughout the marriage converting them into postnuptial agreements in order to suit the changing financial circumstances of both parties.
It is a common misconception that nuptial agreements are inconsistent with the idea of marriage and sharing a life together. In reality, they are created by you both with a common intention and gives you the chance to ensure clarity and protection if separation occurs. They are multi-dimensional in not just protecting you but also children and even business partners.
Ramsdens Solicitors have several decades of experience in Family Law and can advise you on your options when it comes to safeguarding your financial interests. We have worked on cases of all sizes and have a number of offices based across Yorkshire. Our sensitive approach means that you can rest assured that you will get an agreement that is in both of your interests and gives you peace of mind that your financial future is secure. Contact us on 01484 821 500 if you are thinking of making a nuptial agreement for a free 30 minute appointment.