Uk Prenuptial Agreements And Their Advantages

Divorce is often a stressful and emotional experience

. Dividing shared assets during divorce proceedings can cause feelings of resentment between both spouses.

The division of assets can cause particular bitterness if one of the couple entered the marriage with assets and wealth of his/her own. They may feel entirely resentful that the court gave such a large proportion of their assets to their former spouse. One way to avoid this is through a prenuptial agreement

Prenuptial agreements, which by definition are signed before the wedding day, offer several advantages, particularly to those taking the greatest wealth into the relationship. Simply, what you own before your marriage should remain yours and will therefore revert back to you in the event of a divorce. One more advantage that a prenup offers is that it can detail how shared assets can be divided between the spouses if a divorce were to take place.

Even though in the news you only hear of the rich and famous having prenuptial agreements. Pre-nups are not only for the rich and famous. While a prenuptial can hardly be seen as romantic, they should be seen as prudent planning for the future should things between you and your spouse go badly wrong.

Whilst in other foreign jurisdictions prenup agreements are enforceable in the courts, in the UK they are not. However, that does not mean you and your future spouse should not seriously signing a UK prenup agreement, as UK courts may still take them into consideration when issuing rulings on divorce settlements and they may become enforceable in the future in the UK.

If you want to construct a UK prenup, then there are a few things you need to think about. Firstly, make the agreement at least 21 days before the date of the wedding. If it is signed any later a court could well rule that it was drawn up while one of the parties was under duress. Secondly, seek legal advice. A signed UK prenuptial agreement can effect the distribution of assets during a divorce significantly. Taking the advice of a solicitor will not only ensure that any UK prenup is properly drafted but the very fact that independent legal advice was taken will make the court much more likely to take the agreement into account when deciding how to divide the family assets. A court could turn around and refuse to even look at a self made prenup agreement. And thirdly, even if the agreement has been dealt with by a solicitor and is all above board, a court may reject it if the marriage is only short lived.

By following these basic guidelines, you will appreciate the advantages of a UK prenuptial agreements should you ever divorce.

by: Tim Bishop

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