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Summer is wedding season so for family lawyers, it is also prenup season. In this article we touch on the key prenup facts to assist couples.
Prenups are legal contracts that provide a framework for how assets should be divided if a married couple decides to divorce later down the line.
Whilst prenups were previously considered only for more wealthy individuals, they have since become relatively common amongst people from all kinds of backgrounds who want to provide themselves with a form of financial protection before taking their first step into married life.
A prenup is a legal contract that clearly outlines how assets, property, debts and other financial assets should be divided in the event of a divorce or a dissolution of a civil partnership. It is important to note that whilst prenups are not currently legally binding in the UK, the court may consider them during divorce proceedings if there are any disagreements.
Prenups often cover various financial matters such as the division of assets acquired before and during the marriage, how inheritance and gifts should be treated, spousal maintenance arrangements and financial responsibilities during the course of the marriage.
An experienced family solicitor will ensure you are fully informed of your rights and obligations concerning the prenup and will help to amicably negotiate reasonable terms with your partner and their legal representation.
During prenup proceedings, both partners are required to provide full disclosure of their assets, financial commitments, and income. Following this, they will then negotiate and agree upon the terms of the prenup, with the assistance of their family lawyers.
Once agreed, we highly recommend signing a prenup at least 28 days in advance of any wedding or civil partnership ceremony in order to avoid any potential claims of coercion.
The cost of a prenup in the UK depends on the assets involved. If either spouse has significant assets, debts or wealth, the drafting process may be more complex, increasing the overall cost.
If you would like to speak to a member of our Family team about a prenup, please contact 01689 887887.