Rebecca Silcock of Mogers Drewett explains the benefits of having a pre-nup in place before getting married
The summer is here and so is wedding season, but getting protection in place in case things don’t go to plan isn’t always at the forefront of your mind when you’re about to get married or a newlywed.
However, you might be coming into the marriage with assets that you would want to protect if the marriage didn’t last. That’s where a pre-nuptial or postnuptial agreements can play an important role in your wedding preparations.
Our family experts understand that raising the subject can be difficult but it’s better to be honest with each other before the big day and put something in place that will protect both you and your spouse in the future should your relationship end.
What is a prenuptial agreement?
A prenuptial agreement is an agreement signed before the wedding ceremony. Ideally, at least 21 days prior to the wedding but can be done at any time. It defines who owns what while the parties are married. It also usually sets out a plan for what will happen if a couple gets divorced.
A postnuptial agreement sets out the same protection as a prenuptial agreement, but is signed after the wedding ceremony (at a point when the couple still plans on staying together). It is always advisable to put a prenuptial agreement in place if you can, but if this is not possible a postnuptial agreement is advisable.
In the best case scenario the agreement will never be needed, but in the worst case scenario it may save you the emotional and financial drain of contested Court proceedings. The civil partnership equivalents serve the same purpose and are referred to as ‘pre-civil partnership agreements’ and ‘post-civil partnership agreements’.
It is a common misconception that only A listers and millionaire’s need pre-nups, but anyone can get a pre-nup and there are several reasons why you might consider signing one before marrying particularly if you have children from a previous relationship.
Why might I need one?
Once you are married, any assets owned by you such as a property or savings may become matrimonial assets, which on divorce a court could share between you and your partner, even if you had them before the marriage.
A pre-nup allows partners to ring-fence certain assets to protect them in the event of divorce. Pre-nups are particularly useful for couples getting married for a second time and where a couple may want to protect assets they brought into the marriage for the benefit of their children from their first marriage.
Here are a few reasons why you and your partner may wish to enter a pre-nup:
- To protect your pre-marriage assets (such as your home, business, pension plan, assets of sentimental value)
- To protect gifts and inheritance you receive
- To ensure children from a prior marriage do not lose their intended inheritance to a new spouse
- To establish the value of non-monetary contributions to a marriage, such as being a stay-at-home spouse, or making career sacrifices for the sake of the marriage
If you are planning a wedding and want to speak to our experts about how a pre-nup could benefit you and your family please contact Rebecca Silcock on 01225 750071 or email email hidden; JavaScript is required. We are here to help.