While it might seem like an uncomfortable conversation to have, considering the potential complexities of financial entanglements, it is a practical step towards clear communication and understanding between partners.
By addressing these matters early on, you can prevent misunderstandings and potential disputes later on. Sydney Mitchell’s Family team can help support you through the process.
What are the options?
A pre-nuptial agreement, often called a “pre-nup,” is a contract that couples can enter into before getting married. It helps outline what will happen to their assets if they ever decide to part ways. Think of it as a way to have an open and honest conversation about finances before tying the knot.
Once married, couples can opt for a post-nuptial agreement, which serves a similar purpose but is arranged and entered into after the wedding.
These are commonly referred to as nuptial agreements.
Why have a nuptial agreement?
In the UK, nuptial agreements are growing in popularity, despite not being legally binding. Unlike many countries, such as USA, Australia and Canada, UK courts are not obliged to adhere to the terms of a nuptial agreement.
However, courts are increasingly influenced by them especially if they are fair, reasonable and signed under the right circumstances. This means a well prepared nuptial agreement can in the correct circumstances significantly influence how assets are divided when a marriage or civil partnership ends.
How long before the wedding does a pre-nuptial agreement have to be signed?
While there is no official rule, the strong recommendation is that a pre-nuptial agreement is signed at least 21 days before the wedding. This is to ensure that neither party feels rushed and pressured into signing the agreement.
When considering whether to take account of a nuptial agreement the court will have regard to the following:
- Whether the agreement was entered into freely and voluntarily.
- Whether both parties had the benefit of independent, competent legal advice.
- Whether sufficient disclosure was made of all relevant financial and other circumstances.
Find out more about the team
