Many couples can benefit from a prenuptial agreement (prenup), which helps them clarify their financial position and provides important protection should they divorce in the future.
This is a comprehensive guide to everything you need to know about prenuptial agreements, covering the following questions:
- What is a prenup?
- How do you get a prenup?
- How do you make sure a prenup stands up in court (is binding)?
- Why would a couple get a prenup?
- What does a prenup do?
- How does a prenup work?
- Can you get a prenup in the UK?
- Should I get a prenup?
- How long does a prenup last?
- What happens if you don’t sign a prenup?
- Can you change the terms of an existing prenup?
- What happens if you sign a prenup and get divorced?
- How much does a prenup cost in the UK?
If you are considering a prenup or need further advice on your situation, you can take advantage of a free 30-minute telephone appointment to talk through your situation with our team.
To schedule this initial chat with one of our prenuptial agreement solicitors, call 0800 321 3832 or complete our online form.
What is a prenup?
A prenuptial agreement (usually just referred to as a prenup) is a document a couple can sign before marriage. While the exact details of a prenup will vary from couple to couple, a standard document should set out both parties’ rights to any property, debts, income and other assets purchased together, acquired individually or brought into their relationship. The document is then referred to if the couple divorces.
If you are already married, you can make an equivalent agreement called a ‘postnuptial agreement’. For a civil partnership, you would instead create a pre-civil partnership agreement (also known as a ‘pre-registration agreement’).
How do you get a prenup?
If you think a prenup may be beneficial and are considering creating one, the first step will always be to speak to a specialist family law solicitor. This will give you a clearer idea of your position and the sorts of provisions you want to make. In any case, you and your future spouse will need independent legal advice before signing the agreement for it to be considered by the courts if required.
Key points you and your solicitor will likely discuss are:
- What assets do you have?
- What assets does your partner have?
- What financial needs would you have if you were to separate?
- Do you have any children? If so, what are their current and likely future needs?
Once you are happy to proceed, your solicitor will draft the document for you. Your partner’s solicitor will then need to review the document, make sure your partner fully understands the terms and suggest any necessary amendments.
Once you are both happy with the prenup, you must both sign it. This should take place at least 28 days before your wedding.
How do you make sure a prenup stands up in court (is binding)?
It is important to clarify that prenups are not strictly legally binding in England and Wales. However, as long as the correct process was followed when the prenup was prepared, it will carry significant weight and will likely be upheld if the court becomes involved.
For a prenup to ‘stand up’ in court, the following criteria must be fulfilled:
- Both parties must have received independent legal advice before signing
- Both parties understood the terms and implications of the prenup
- Neither party was pressured or coerced into signing the prenup
- Both parties provided full financial disclosure
- It would be both fair and reasonable to uphold the terms of the prenup
- The prenup does not prejudice children in any way
- The agreement has been regularly reviewed to ensure it is fair and reflects a couple’s circumstances
Why would a couple get a prenup?
There are various potential reasons for a couple to sign a prenup. These include:
- Prenups provide certainty of financial security if the marriage ends in divorce
- Prenups protect the interests of any children in the relationship
- Avoid questions about either party’s motivation in entering the marriage
- A well-drafted agreement can be used to protect family assets, such as family trusts and businesses
- Clear guidance on how your mortgage, bills and other outgoings should be covered
- Removal of potential tension over specific issues, both during and after the relationship
What does a prenup do?
A prenup should be a transparent declaration of the respective rights each party has over their shared assets, as well as defining any individual liabilities, such as debts. It should state what will happen to these assets if the couple separates and can also include guidance on issues such as how the mortgage on the family home will be paid.
In the event of a separation, the terms set out in the prenup will clarify how these issues should be dealt with. This can remove a lot of stress and the potential for conflict.
How does a prenup work?
A prenup will only come into effect if a couple decides to divorce. The terms of the prenup will already have been set out, which should reduce the potential for any confusion or conflict over what will happen next.
Can you get a prenup in the UK?
Any couple due to marry can create a prenup in the UK, but as discussed above, the agreement will not be automatically legally binding.
Should I get a prenup?
The decision to create a prenup is an entirely personal one. Many couples are understandably hesitant to proceed with a prenup, especially as it isn’t considered the most romantic gesture ahead of a wedding.
That said, there are countless benefits, all of which should be carefully considered. Speaking to a specialist in prenups will help you better understand your position and the potential consequences of not having an agreement in place.
How long does a prenup last?
Unless an end date has been added into an agreement, prenups will typically last for the duration of the marriage. However, it is important to regularly review the terms of the prenup to ensure that they still reflect your situation and would be fair to uphold if you were to divorce.
What happens if you don’t sign a prenup?
If you do not have a prenup in place, you and your spouse will need to agree on how to divide your assets. You can do this on a voluntary basis, using alternative dispute resolution to reach an agreement if required, or by applying to a court for a Financial Order.
There is a risk that, without a prenup, this process can lead to conflict, resulting in an outcome that doesn’t entirely suit your best interests.
Can you change the terms of an existing prenup?
If you already have a prenup in place and wish to change the terms, you must sign a new postnup.
Signing a postnup to replace a prenup may be necessary if there have been any significant changes to your circumstances since the prenup was first signed, such as one partner’s salary significantly increasing or unexpected inheritance.
What happens if you sign a prenup and get divorced?
If you have a prenup and decide to get divorced, what happens will depend on whether the separation is amicable and whether you both agree on how to divide your assets according to the terms set out.
If you are in agreement, the process will be relatively straightforward. You can both use the prenup as a clear guide, reducing the potential for any conflict or disputes.
However, if you do not agree on the terms set out in the prenup, it may be necessary for a family court to intervene and make decisions on how assets should be divided.
As discussed, prenups are not legally binding, which means that, while their terms will likely be upheld if entered into properly, family courts have the discretion to make their own decisions regarding asset division if necessary.
How much does a prenup cost in the UK?
The cost of a prenup will largely depend on your situation. To produce a legally binding prenuptial agreement, it is essential that both parties take advice from a family law solicitor.
You will be charged for drawing up the agreement, with prices normally starting at around £1,500 plus VAT. The total cost of a prenup in the UK will depend on the complexity of your finances and the arrangements that you wish to make. This price will normally include advice on the full implications of the agreement and guidance on appropriate times to review the content.
Our expert family law solicitors can advise you during a free initial telephone appointment to help you better understand the cost of your prenuptial agreement.
Our prenuptial agreement solicitors are here for you
Prenuptial agreements can be a sensitive issue, but they can save you a lot of stress and uncertainty and give you and your family financial security for the future. Our friendly, expert team are here to make sure you get the right agreement in place as smoothly as possible.
To take advantage of your free 30-minute consultation with our expert prenuptial agreement lawyers, call 0800 321 3832, or complete our quick online form.
Gemma Scourfield
Divorce and family solicitor Haverfordwest
