Courts are increasingly taking prenuptial agreements into account when settling divorce proceedings. Many people think it is a waste of time to sign up to a prenuptial agreement but this is simply not true. Just like any other kind of legal agreement a prenuptial agreement must be drawn up properly and following UK contract law. This is why it’s so important for both parties to get independent advice from their solicitors before entering into a prenuptial agreement.
A prenuptial agreement is particularly useful if, for example, you are a high net worth individual or someone entering a second marriage later in life who would like to keep your money separate from the shared property and wealth in your marriage. If, in the unfortunate situation of the relationship breaking down, you don’t have a prenuptial agreement, you risk all of your wealth being split 50-50 between yourself and your spouse.
Another useful aspect of a prenuptial agreement would surface if you had children from a previous relationship and would like to make sure a “pot” of money is protected for them if your relationship with your new spouse breaks down.
As a high net worth individual it is extremely important to get the correct legal advice regarding a prenuptial agreement. We are here to guide you through the process from start to finish. Even if you are not sure if a prenuptial agreement is for you, we are here to help and advise. We will provide you with independent, expert legal advice for your particular situation. No two prenuptial agreements will be the same.
We will advise you on every aspect of your prenuptial agreement to give your agreement the best chance possible of being adopted by the courts and make sure your provisions do not fall into any of the pitfalls which could cause them to conflict with existing law, such as ensuring the prenuptial agreement has future flexibility.
We will also advise you on any overseas assets and how they may impact on your prenuptial agreement and flag up to you any potential conflicts between the way your assets will be dealt with by a UK court and the way they will be dealt with in any other countries your assets may be located. If you have significant assets overseas we will recommend you take legal advice in those countries and help you through this process.
It is very important to make sure that you do not rush into any kind of pre-nuptial agreement. We recommend that you would need to come and see us to discuss your wishes at least twelve weeks prior to your marriage date (longer if you have a significant amount of overseas assets) in order to make sure you have enough time for both parties to agree to the pre-nuptial agreement and to minimise the chances of duress being alleged later.