Prenuptial Agreements - How They Are Made

Prenuptial agreements are becoming more common. Here we show what to take into account when drawing one up.

Preparing for marriage is a very happy time for any couple. They obviously are looking towards a long, joyful and fruitful life together, so the thought that anything might go wrong is the furthest from their minds. But with up to half of marriages in the UK ending in divorce nowadays, a sensible couple should give serious consideration about what should happen should their forthcoming marriage suffer that unfortunate fate. In short, they shouldn't go into marriage without first having made a prenuptial agreement.

While the rocketing number of divorces have made prenups more common, a lot of people are not exactly sure what they are or how they could have one drawn up. A prenuptial agreement is a contract made between the couple before they actually marry. In this they agree how any assets should be divided should they get divorced. The prenup may also stipulate how the assets will be split if one of the couple dies. This means that provision can be made for any children brought into the marriage by one of parties.

So why is it so important to decide how any assets might be split, should the marriage end in divorce? Splitting up property when divorcing is virtually always a contentious time. This is particularly so if one of the spouses takes the larger percentage of assets into the marriage,and faces losing them at a divorce hearing. By taking out a prenup, he/she could protect themselves from losing their personal assets as well as having to pay potentially crippling maintenance to their former spouse.

Both parties signing the prenuptial agreement should understand that current UK law does not require British courts to accept the agreement when making a ruling. But if a prenup has been drawn up, it might well be taken into account.

Because the status of prenuptial agreements in the UK is uncertain, if you are thinking about drawing one up then you should take cautious steps. Make sure it is signed no less than 21 days before the date of the wedding. Any later and it could be ruled that one of the couple had signed it under duress, thereby making it almost certain the agreement would be discounted at any divorce hearing. You should also make sure that you consult a specialist prenuptial solicitor when drawing up your agreement - this might make it more likely that the courts will take the agreement into account should you end up divorcing.

View the original article here