Prenuptial agreements are formal, written agreements between two partners, signed prior to their marriage. The agreement sets out ownership of all their belongings and explain how those will be divided in the event of a separation.
Are prenuptial agreements unromantic?
Some people certainly think so. When you’re very much in love and planning to get married, you don’t really want to think about your relationship not lasting forever. Others, however, consider a prenuptial agreement (also known as a “prenup”) a kind of safety net for their marriage, knowing that it will hopefully help them avoid expense and acrimony should the marriage break down.
Why should you consider a prenuptial agreement?
A prenuptial agreement can provide peace of mind for both parties. It can help if:
- You want to protect inheritance or future inheritance, both money and assets
- There are assets and/or property that would be very hard to split equally
- You have children from a previous relationship and want to ensure certain assets are reserved for them and protect their inheritance rights.
- Either party owns a business which they’d like to retain control of
You should be aware that prenuptial agreements are still not legally enforceable in England and Wales. However, they are beginning to carry more weight in the family courts.
We are already married and now want to document our agreement relating to our finances. What can we do?
If you are already married, you could enter into a postnuptial agreement instead. You can read more about postnuptial agreements on this page.