Make a prenuptial agreement top of your wedding checklist, advises Antonia Love of Farleys Solicitors
I love you – but I love my money more. So often that is the first thought that comes to mind when someone mentions a pre-nuptial agreement, explains Antonia Love, Partner at Farleys Solicitors. Any thought of romance is dead and it’s all about protecting wealth. The next thought is usually that pre-nuptial agreements are only for the rich and famous and have little, if any, relevance to our daily lives. Think again.
In recent times, there has been an increase in future newlyweds approaching their solicitors about pre-nuptial agreements. These savvy wedding planners are not just motivated by wanting to prepare for the worst but, in my experience, they are also trying to ensure that children from a previous marriage or relationship are protected as they plan to commit to their new partner.
While broaching the subject of a pre-nuptial agreement with your future husband or wife may not seem like the most romantic of ideas and certainly won’t be a top priority as you plan the exciting details of your upcoming wedding ceremony, these agreements can ensure both parties are on the same page and willing to be fair and reasonable in their negotiations.
Are pre-nuptial agreements legally binding?
As you approach your wedding you will, I’m sure, be hoping the marriage will last forever. In the event that, further down the line, you and your partner take the difficult decision to separate and eventually divorce, having a pre-nuptial agreement to refer to can make proceedings much easier for both of you when dividing assets.
Whilst pre-nuptial agreements are not, at the moment, legally binding in court, over recent years, many agreements have been upheld by the Family Court given that they were entered into freely and with a full understanding of the implications; particularly where both parties took independent legal advice before signing the agreement and the agreement was entered into no less than 28 days before the wedding to avoid ‘undue duress’.
What should be included in a pre-nuptial agreement?
Prenuptial agreements are tailored to the individual couple so there are a wide range of things you can include. Some use them to make provision as to how income, assets and pensions will be divided on divorce while others use them almost as a ‘living together agreement’ stipulating how assets and accounts will be managed during the marriage.
So as your big day approaches, do at least think about whether a prenuptial agreement might help you as you start the next chapter of your life.
For further advice on pre-nuptial agreements and other marital agreements, speak to Farleys’ family team on 01254 368040 or email: email@example.com