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If you live happily together and are about to tie the knot, it can feel unduly pessimistic and unromantic to think about what would happen if you split up. However, statistics show that over forty percent of marriages fail in the UK, so it’s a sensible precaution to ensure that certain financial assets such as business interests and inherited wealth are secured for your future. Prenuptial agreements give you this peace of mind.
Many clients appreciate the certainty that a prenuptial agreement offers and find that the arrangement allows them to discuss financial matters more openly before they marry. For an effective prenup, you must take expert legal advice, which the Thorneycroft team is ideally placed and happy to provide. We can advise you on how best to create an agreement that is fair, clear and dignified for both parties.
A prenuptial agreement is a formal legal contract between two people before they marry or enter a civil partnership. It’s an agreement stipulating how cash, property rights, business assets, investments and so on will be divided up if the relationship breaks down. Since an influential 2010 Supreme Court case, prenuptial agreements have a robust standing under UK law. They legally protect your assets and ensure both parties know what they would be entitled to if you separated. It’s helpful to think of a prenup being a bit like life insurance. We all hope we won’t have to use it, but it makes sense to have it in place.
Legally, once married, a couple’s assets become marital assets, and unless specifically protected, they are thrown into a single financial pot. It’s not uncommon for one person in a marriage to contribute more wealth than their partner, and they, or sometimes their wider family, may be worried about protecting those assets. Suppose the individual involved has a high net worth or is part of a family or privately run business. In that case, divorce can have significant financial implications for other family members and colleagues. A prenup can also be beneficial for people who want to protect financial arrangements for dependants from a previous relationship.
A prenup can also cover future assets such as an inheritance or business shares. For example, parents may request a prenuptial agreement is in place before gifting significant sums or business interests to their kin.
We can summarise various reasons why you might want a prenuptial agreement as:
With decades of experience in UK family law, Thorneycroft can advise you on all your options. We have worked on prenup cases of all types and sizes, handling complicated assets, financial interests and relationships. You will find our prenuptial agreement solicitors are friendly, approachable and knowledgeable; together we can arrange an agreement to suit you and your partner.
We are recognised as one of Cheshire’s leading family law firms and are authorised and regulated by the Solicitors Regulation Authority. With a network of local offices, we offer a personal service, explaining things to you clearly and ensuring you feel comfortable with every decision. We understand that a prenup is a confidential document that should be treated with sensitivity. Our experienced prenuptial agreements solicitors take the time to understand your circumstances and help you weigh up the different conditions so that you come to the right agreement, ensuring all legal formalities are followed. We will ensure the resulting settlement is jargon-free, using plain and simple language that both sides can understand.
Entering a prenup is a sensible choice for many couples, enabling them to focus on their wedding and future life together. If you need further information on how a prenuptial could work for you, speak to a member of our responsive team today.