Planning To Marry - Do You Need A Uk Prenuptial Agreement?
It is sad but realistic that only 50% of marriages survive
. Increasing divorce rates in the UK have meant that it is more important than ever to ensure you have a foolproof prenuptial agreement (or 'prenup') in place.
The main importance of a UK prenuptial agreement is with regard to the assets both will be taking into the marriage. While couples usually share assets while they are married, once a divorce ensues a court may order them to be split. This may seem unfair to one of the parties if they took the bulk of the assets into the marriage yet is left without a goodly part of them following a divorce.
In a prenup both the husband and bride-to-be can broadly stipulate that the things they own going into the marriage, will revert back to them should it end. The agreement may also stipulate who should own any of the assets garnered by them while they are together. In situations where one party to the marriage brings in their own children, the agreement should specify hows these children should be provided for after the divorce.
The major plus point of having a valid prenuptial agreement for a couple is that in the event of a divorce, they will decide how their personal assets are divided rather than the court. But it must be understood that under current legislation prenups have no legal standing in the United Kingdom. However after the Radmacher case in 2010 the UK courts are considering agreements more and more.
Because of the legally uncertain position of the prenuptial agreement in the UK it is essential that the prenup is put together properly. The couple must fully disclose to one another the assets they actually own. There is a deadline of 21 days before the wedding by which the agreement should be signed. This is to avoid the claim that one of the couple was acting under duress when they signed it.
A court can throw out a badly drafted prenuptial agreement, therefore it is so important to get one done properly. It is advisable that those planning to wed enlist the services of a solicitor when drawing up an agreement. You must be aware that no matter how tightly drafted the prenuptial agreement is, the court will not acknowledge it if the marriage is extremely short lived.