Pre & Post-Nuptial Agreements
We have a wealth of experience in preparing and advising on pre-nuptial and post-nuptial agreements.
Pre & Post-Nuptials
The purpose of a pre-nuptial or post-nuptial agreement is to record who owns what and how those assets will be divided between the parties if the marriage breaks down. Whilst they are not currently legally binding in England and Wales, these types of agreements are carrying significantly more weight in the courts following the landmark decision in Radmacher v Granatino [2010].
What is a Pre-Nuptial Agreement?
A pre-nuptial agreement is a formal written agreement between two partners which is entered into before their marriage.
The purpose of a pre-nuptial agreement is to record who owns what and then how those assets will be divided between the parties if the marriage breaks down.
Taking advice early on help can help put your mind at ease as you will be able to ask any questions that you may have and feel better informed about the process.
Benefits of having a pre-nuptial agreement in place: No one goes into a marriage anticipating that it will end, but if divorce becomes a reality, most if not all couples want the ‘breakdown’ process to be as amicable as possible way with minimal uncertainty and worry over financial matters. Pre-Nuptial Agreements are a way for the parties to have peace of mind in that they should not be facing any unexpected financial consequences on the breakdown of their marriage.
When to make arrangements to get a Pre-Nuptial Agreement: In order to have the best chance of having your agreement upheld it should be signed no less than 28 days before the wedding. We recommend consulting a lawyer at least three months ahead of your big day to ensure there is enough time for the agreement to be drafted and agreed.
What is a Post-Nuptial Agreement?
A Post-Nuptial agreement is a formal written agreement between two spouses which is entered into after their marriage.
The purpose of a Post-Nuptial agreement is to record who owns what and then how those assets will be divided between them if the marriage breaks down. Whilst they are not currently legally binding in England and Wales if properly prepared the court will generally uphold them in the event of a divorce.
What goes into a Post-Nuptial Agreement?
Post-Nuptial Agreements can be very bespoke and deal with whatever you want them to, but mainly they will deal with what financial arrangements you agree should be made in the event of a divorce. This could be:
- What would happen to property each of you had before the marriage
- What would happen to the family home, should it be sold or kept.
- What would happen to any property you acquired together during the marriage
- What would happen to any inheritances or gifts you recieved
- What would happen to your pensions
- How you would deal with any debts
- Whether either of you would pay or receive any maintenance and, if so, for how long
Why get a Post-Nuptial Agreement?
One of the more common situations when we are asked to advise on Post-Nuptial agreements is when a couple break-up and they then reconcile. In these circumstances, it offers some form of protection if ultimately the reconciliation does not stick. For some couples it can also form a part of a reconciliation process to help save a marriage.
Those couples who have a Pre-Nuptial Agreement may also choose to subsequently get a Post- Nuptial Agreement to strengthen the chance of the agreement being upheld on challenge.
FAQs
Is a Pre-Nuptial Agreement legally binding?
The short answer is no. however, provided you have both had advice on it, you both disclosed your financial circumstances before signing it, it is fair in the circumstances, you are agreeing to it voluntarily and with an understanding of its terms, and no one has been placed under any pressure to sign it, generally the courts will uphold the terms of the agreement of one person tries to challenge it on divorce.
Is a Post- Nuptial Agreement legally binding?
The short answer is no. however, provided you have both had advice on it, you both disclosed your financial circumstances before signing it, it is fair in the circumstances, you are agreeing to it voluntarily and with an understanding of its terms, and no one has been placed under any pressure to sign it, generally the courts will uphold the terms of the agreement of one person tries to challenge it on divorce.
What is the difference between a pre and post nuptial agreement?
Both prenuptial (pre-marriage) and postnuptial (post-marriage) agreements are contracts outlining how you and your partner will handle finances and assets in the event of a divorce. While they serve similar purposes, a pre-nuptial agreement is put into place before you get married or form a civil parntnership, whereas a post-nuptial agreement is made after you have married.
The length of time for family mediation can vary from case to case. For example, an issue on parenting arrangements for Christmas or holiday may only take one joint mediation session, whereas a complex discussion about divorce may take several joint mediation sessions.
The mediation costs is usually an agreement between the parties. You may choose to split the fees between you, or work out a financial balance that you are both happy with. Some couples may only agree to go to mediation if the other party pays or if they reach a financial agreement.
Often mediation is cheaper than litigation. It is very important to take legal advice at the end of the process to make sure what you have agreed is made legally binding, the parties can limit their legal costs by doing the hard work of getting to an agreement during the mediation process. This allows them to preserve monies that may have been spent on legal fees for the benefit of the family and their future.
Discussions during mediation are on a ‘without prejudice’. This means if mediation is not successful what has been said cannot be repeated in Court proceedings. As a result the parties can feel free to have a completely open and frank discussion about potential settlement options and not fear, as many people do in negotiations that they need to keep their cards close to their chest.
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