If you are concerned about your finances going into a marriage, it could be a sensible decision to sign a pre-nuptial agreement (or prenup). This can protect your assets in case of a relationship breakdown and prevent you from potentially losing significant sums of money further down the line.
Whilst a prenup is not officially legally binding, its terms will almost certainly be adhered to in court in the event of a divorce unless exceptional circumstances are present.
In this blog, we will examine the benefits of prenups. It’s important to be as informed as possible when negotiating prenups, and we aim to answer any questions you may have on the topic.
In this blog, we will cover the following matters:
- Is a prenuptial agreement worth it?
- Can I write my own prenup?
- How long does it take to draft a prenup?
- When should a couple get a prenup?
This blog is intended for general information purposes only and should not be taken as legal advice. If you require legal guidance from expert divorce solicitors, please contact your local BakerLaw office or email us at enquiries@baker-law.co.uk.
Is a prenuptial agreement worth it?
If you have significant assets, a prenup is likely a sensible decision in the event that your relationship goes awry. Whilst it may be an awkward conversation to have with your partner, it’s always worth considering the clarity and protection that a prenup provides you with.
It will ensure that you understand one another’s expectations and protect assets independent of your relationship, such as inheritances, trust funds, and even children from past relationships. It is a sensible contingency plan because you can never know exactly what the future holds.
Can I write my own prenup?
Legally, it is acceptable to write your own prenup, but several complexities mean it’s always advisable to enlist professional help. Tiny mistakes could make a prenup invalid in court, and it’s more likely that a judge will ignore a prenup that is self-written.
Furthermore, a condition of a prenup’s enforcement is that both parties have to seek legal advice when drafting it. If you write your own prenup, it is more difficult to prove that this occurred, which exacerbates the chance of the prenup being rejected in court.
What factors affect the cost of a prenup?
The costs of prenups usually hinge on the complexity of the assets owned by the couple, but other factors can also change the required costs. The following factors are most likely to affect how much your prenup will cost:
- Independent legal advice: as you both need a solicitor, you’ll need to account for their respective fees.
- Complex finances and assets can mean it takes longer to draft an agreement and, therefore, incur greater costs. Your solicitor must thoroughly assess everything included to ensure the agreement is legally appropriate.
- Location: solicitors’ fees vary by location, typically costing more if you’re in a big city like London.
- Negotiations: multiple changes to the agreement or disagreements can make negotiations last longer and likely cost more.
How long does it take to draft a prenup?
If all the relevant information is prepared, evidenced, and agreed upon, a prenup can be drafted in a day. Nevertheless, complications and negotiations are usually required when drafting a prenup, which means that it usually takes a least a couple of weeks to complete.
It is worth noting that a rushed agreement could be deemed less valid by the court, meaning that they may have stronger grounds to reject its terms. Furthermore, it is important to ensure your prenup is completed at least a month before marriage. This makes sure that both parties have had adequate time to review and seek legal advice on the agreement.
When should a couple get a prenup?
If you have significant assets, have inherited an estate, wealth, or trust, or have children from a previous relationship that you want to care for in the future, it’s a sensible idea to get a prenup.
You never want to go into a marriage expecting the worst, but sometimes the unexpected happens, and a relationship breaks down irreparably. It’s always wise to protect yourself and your loved ones in this instance.
Speak to our solicitors for advice and representation on prenuptial agreements
If you would like to find out more about the process of drafting a prenuptial agreement, please feel free to call our family law solicitors.
For more information on the legal aspects of relationship breakdown and how prenuptial agreements affect this, please visit our divorce solicitors page.
You can contact your local BakerLaw office or email us at enquiries@baker-law.co.uk.
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