Prenuptial Agreements

What is a Prenup?

A prenuptial agreement (or prenup) is a contract made between 2 people planning to marry. It sets out how they would plan to split their assets and income in the event of Divorce or Separation.

What happens if you don’t have one?

If you don’t have one then, in the event of Divorce, you’ll need to either agree a financial settlement with your other half ask the Court to make a decision for you. The Court must take into account a number of relevant factors, its main aim to be fair to both parties taking into account all of the circumstances of the case. Some of my clients assume that everything is split 50:50 but there are very few cases that I deal with which result in that outcome.

Why do people have them?

Prenups are becoming more popular for those wanting to take some steps towards financial certainty in the event of their marriage breaking down. This may be because they are concerned about a disparity in wealth between them and their future spouse, those marrying again and wishing to safeguard assets for their existing children and also for those people who have concerns about their spouse-to-be’s financial motivation for the marital union.

Are Prenups legally binding?

Ultimately the existence of a prenup does not preclude the Court from making its own financial order taking into account all the circumstances of a case, however the existence of a prenup can be taken into account. The case of Karen Radmacher reported back in 2010 did give some indication that the Courts are more willing to take into account a Prenup although the case could simply reflect that the Prenup in that particular case provided a fair outcome and ultimately that is what the Courts always seek to achieve despite what the press may say!

As with any aspect of family law it is always sensible to get advice upfront so if you do want to talk about this subject in more detail then please feel free to contact Alison Whistler on 01628 496670 or via the link below.