6 Things You Need to Know About Prenuptial Agreements

By Sarah Perkins

With Spring underway, the days are getting longer, the weather is getting warmer and wedding season begins!

Changes in society continue to affect people’s attitude towards marriage and particularly around prenuptial agreements.

The average age at first marriage continues to rise into the mid 30s. With people marrying later, they bring assets they have accumulated or inherited into the marriage that they may want to protect.

Women are prioritising their careers first and starting families later, which contributes towards the trend of putting these measures in place ahead of saying ‘I do.’

Discussing finances with a loved one can be a particularly sensitive issue and nobody plans for a marriage to end, but it is important to plan for any eventuality.

To help figure out if a prenuptial agreement is for you, below are six things you need to know about prenuptial agreements.

  1. What is a prenuptial agreement and is it a legally valid document in England and Wales?
    A prenuptial agreement consists of a formal written agreement which is entered into between the partners to the relationship ahead of the marriage. It outlines what each party is entitled to should the marriage end, as well as any other related conditions.
  2. Why should couples consider getting a prenuptial agreement?
    Both parties should consider a pre-nuptial agreement for the simple reason that it provides peace of mind going into the marriage that all aspects of their finances, assets and property are protected. It isn’t a matter of trusting each other, but rather a matter of being responsible and planning for your own future, for any eventuality. It can also protect one partner against the other’s debt, protect inherited assets or children’s inheritance, and ensure control over business assets.
  3. How can a solicitor help someone make a prenuptial agreement?
    A solicitor can ensure the prenuptial agreement is drafted properly. This makes it more likely the agreement will be upheld in a divorce. The agreement should be carried out at least 28 days ahead of the wedding to ensure that all matters are resolved by the ceremony. Allow as much time as possible to ensure all matters are thoroughly considered, negotiated and signed without any unnecessary pressure.
  4. What should someone do if they’re asked to sign a prenuptial agreement?
    Before signing, you should seek advice from a qualified solicitor. This doesn’t mean that you do not trust your partner, but it is important to protect your own interests as well as your collective interests. Ensure that the agreement takes your circumstances into consideration and is much for your own good as it is for your partner’s.
  5. What should be included in a prenuptial agreement?
    It is best to assess this on a case by case basis as it is largely related to the value of the item to the individual, both from a financial and sentimental perspective. There aren’t specific rules for what should not be included, but rather just as much is discussed and agreed as possible, and nothing is left to chance.
  6. What happens during a divorce if the couple has a prenuptial agreement?
    In the event of a breakdown in the marriage, couples will divide ownership of their belongings based on the prenuptial agreement.Generally, assets are divided 50/50 among both parties in the event of a divorce that doesn’t involve a prenuptial agreement. However, that may feel unfair to you if you have inherited assets, you own a business, or if your partner has outstanding debt.

How we can help:

For more information on prenuptial agreements, get in touch with our dynamic team in family, matrimonial and childcare law directly via:

Telephone: 0333 231 6405

Email: family@cjch.co.uk

Misconceptions we hear about Divorce

Much like politics, the topic of divorce is often widely discussed but not always fully understood. As specialists in family law, the CJCH team of expert solicitors are often faced with the many myths and misconceptions surrounding matters of relationship breakdown and divorce. Jodi Winter (Family Law Partner) and Sarah Perkins (Family Law Solicitor) address some of the common issues raised by new clients, who might have benefited from seeking assistance sooner, if they had the correct information.

Jodi Winter: People sometimes assume that what they see on TV or in the news is how things actually work. It is important to note that media representations are often dramatised. For example, there is no such thing as a “quickie” separation or divorce. In non-contentious divorces, the judge’s ruling and the Court process might be concluded quickly, but there is a requirement for specific criteria and processes to be satisfied and completed before it gets to that point. On the other hand, some people assume a divorce will take years and be ridiculously expensive so are put off starting the process. A divorce could be processed in as little as 4 months, but it will often take far longer to negotiate, agree and conclude the financial settlements. You need to consider a divorce from two perspectives, the first being the legal attachment to one another, and the second being the financial attachment.

 

Sarah Perkins: Aside from the timeline, there are other questions raised which can be misunderstood. Who gets the house? Who gets the kids? What if my spouse won’t agree to a divorce? Can’t we just list irreconcilable difference as our reason? The short answer to these questions are that they are case specific. The best way to ensure you have the correct information is to seek advice at the earliest opportunity and give your solicitor all the information they need.  You will then receive expert advice on your own particular circumstances.  The notion of irreconcilable differences (i.e. no-fault) is not currently a part of the law in England and Wales. You would need to show that your relationships have irretrievably broken down, with specific facts of proving such.

 

Jodi Winter: The financial aspects of the matter are what often take the most time to negotiate, which is often why it is best to get advice on a pre-nuptial agreement before you get married. Again, pre-nuptial agreements can be misconstrued but they provide a fair and considered starting point which is often upheld by the court if constructed properly. The same goes for agreeing child contact once the divorce is underway. Address the matter as early as possible and come to an agreement that you are both happy with, otherwise the court will decide for you.

The CJCH Solicitors Family Law team specialise in supporting and navigating the difficult situations that arise at the end of a relationship. You’re not alone, Jodi and Sarah are here for you. For more information and contact, please see here.

#SortYourLifeOut – A mantra of taking control

At CJCH Solicitors, we aim to put our clients first and to support the communities in which we operate. With four offices spanning across South Wales, and two satellite offices in England, we have the ability, expertise and resources to offer our clients a wide range of services in several locations.

Our Family, Matrimonial and Children Law and Private Client departments recently launched a new ad campaign to reach out to people who may have questions and need support in difficult times. We hope to help guide them and ease the stress associated with situations such as planning a will, dealing with the probate of an estate, or considering all elements involved in a separation or divorce. There are many instances when people could benefit from the advice and guidance of an experienced and approachable solicitor, and we at CJCH have made it our mission to improve access to legal support and deliver personalised service.

Our new campaign is called #SortYourLifeOut, which is positioned as a helpful and uplifting slogan rather than the joking and judgemental tone it is often said with.

Take charge of your life. Put your plans in place. Be the victor, not a victim. Sort your life out.

Our campaign focuses on the fact that in every situation we face in life, no matter how testing or difficult, the choice to proactively plan, react and prosper is our choice to make. No one enters a marriage with the dream of it ending, and no one has children with their partner with the plan to raise them in separation, but should these things happen, our team is here to help you take the right steps towards making the most out of it and planning for a positive outcome.

#SortYourLifeOut is an uplifting mantra, of possibility, opportunity and silver linings.

At CJCH, we can help you #SortYourLifeOut.

To get in touch with us and see how we can assist you, click here for our contact details.

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