Prenuptial and Postnuptial Agreements, commonly known as ‘prenups’ and ‘postnups’ are becoming increasingly common. For a confidential chat about prenuptial agreements, contact our friendly team today on 01217 563 381 or fill in our online enquiry form.
What is a prenuptial agreement?
A prenuptial agreement is a contact that you and your spouse enter into before you get married. A postnuptial agreement is an agreement you enter into once you are married. This contact sets out how your property would be divided if you separate or divorce in the future.
If a married couple divorce, the ‘matrimonial assets’ are put into one pot and divided between the pair. There are many reasons why a couple may not wish their property to be divided in this way.
When is a prenuptial agreement suitable?
There are many situations where a prenuptial agreement may be appropriate, such as:
- When one or both parties have family inheritances that they wish to protect and prevent being classes as matrimonial assets;
- When one or both parties wish to ensure that their wealth and assets and pensions would be protected from a future divorce settlement;
- When the marrying couple want to reduce the likelihood of costly and difficult divorce proceedings about who gets what; and
- In cases where one or both parties have children from previous relationships and would wish to ensure that their assets were protected for their children.
Why enter into a Prenuptial Agreement?
When a couple are planning their wedding and thinking about spending their lives together, the last thing they will want to think about is what may happen if their relationship breaks down and they decide to separate. It might seem unromantic to think about what would happen in this situation, but coming to agreement in the form of a prenuptial agreement can help to make a difficult and upsetting time easier.
Separations and divorces are usually very stressful times for families and when separating couples start arguing over who is to get what and who owns what, it can be extremely difficult for all involved.
A prenuptial agreement can help to make this time much easier as the main aspects of the separation will have already been decided and agreed to. This can reduce the likelihood of a costly and stressful court litigation over who is entitled to what.
Are Prenuptial Agreements Legally Enforceable?
Although prenuptial agreements as not automatically held as legally enforceable but the courts do take prenutial agreements seriously as they are a very strong indication of your wishes. It is important for both parties to take independent legal advice.
Prenuptial Agreement Lawyers Birmingham
Contact our friendly Family Law Birmingham team today on 01217 563 381 to find out more about a prenuptial agreement.