Sadly, around 50% of marriages and civil partnerships in the UK end in divorce. For this reason, prenuptial agreements are becoming increasingly common and being relied on to protect family wealth and preserve assets.
Sadly, around 50% of marriages and civil partnerships in the UK end in divorce. For this reason, prenuptial agreements are becoming increasingly common and being relied on to protect family wealth and preserve assets.
If you have a family law issue and require legal advice to understand your options, contact specialist divorce solicitor Jemma Slavin of Stowe Family Law. Regional Director at this well-respected specialist family law firm, she is committed to offering a bespoke service to her clients which focuses on their specific needs and objectives.
A prenuptial agreement is a contract between two parties intending to marry or form a civil partnership which regulates their affairs in the event the relationship breaks down. But in what circumstances are prenups enforceable? Read on for more information.
Are prenups legally binding?
Although prenuptial agreements are not automatically legally binding in the UK, they are viewed by the court to be persuasive, and sometimes, even decisive. So long as the prenup meets the qualifying criteria, the court will look at the terms of the agreement. This criteria include:
- How the agreement was entered into
- The timing of the agreement and proximity to the marriage/civil partnership
- Whether the parties had taken independent legal advice and understand the legal implications of the agreement
- There was no element of either party being coerced into the agreement
- The agreement is fair
- Disclosure of both parties financial circumstances
- Both parties’ needs are met
- It does not prejudice any children
The more this criteria has been adhered to by the parties, the greater the likelihood of its terms being upheld by the court.
What happens if the couple’s circumstances change during the marriage?
Changes can invalidate a formerly valid prenuptial agreement. Have you had a child/children, is one of you in poor health, have you had a promotion or lost your job, perhaps you’ve made or lost money in the time since the prenup was first entered into? Any of these changes has the potential to invalidate the agreement.
During the marriage, it is always sensible to update your prenuptial agreement when a relevant event happens. This doesn’t mean you can simply cross out a particular term. If you want to alter a prenuptial agreement, then you must ensure it is drafted correctly, and the above criteria are followed each and every time. This ensures that any changes are more likely to be upheld by the court if you divorce.
What would invalidate a prenuptial agreement?
A court would be unlikely to uphold a prenuptial agreement where:
- It was not written by a solicitor (although you can draft them yourself)
- There was insufficient financial disclosure by the parties
- Both or either party failed to get independent legal advice
- Either party was advised not to sign the prenuptial agreement
- The party with the most to lose didn’t fully understand the nature of the agreement
- There was no negotiation of the prenup, only one party imposing terms on the other
- Either party was pressured or bullied into signing
- It was signed less than a month before the wedding
- It did not account for future changes in the marriage
Can I do anything if I regret signing a prenup?
Even if you signed a prenup, you can still go to court to settle your finances during the divorce/dissolution proceedings. Although the judge will take the prenuptial agreement into account, they will also look into its integrity and the circumstances in which it was agreed. If the agreement is not upheld, the court will make its own financial relief order.
Do I have to sign a prenup?
No one can be legally forced to sign a prenuptial agreement. Whether you are the wealthier partner being pressured into committing a portion of your assets or you are the less well-off partner encouraged to disclaim your right to financial support, you may feel pressure if you don’t sign. But if you don’t agree with, or fully understand, everything in the agreement, then you shouldn’t sign it.
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