As family solicitors, we know how stressful divorce can be and is often seen as a distress purchase.
We are frequently contacted by people who get in touch with us to help them to resolve their issues, but there is another way to future-proof what happens with your valued assets should you split from your partner.
Pre-Nuptial Agreements, which are also known as prenups, are agreements made between two people before they get married. The agreement outlines how finances and assets are to be divided in the event of a separation or divorce.
The initial conversation to draw up a Prenuptial Agreement can be a sensitive subject and careful consideration of factors must be made to ensure a comprehensive and fair agreement is made that protects both parties’ assets and reflects both parties’ intentions.
A Prenup may seem like something that you are spending money on for an event that might never happen, and some couples do not like to think that their relationship might fail.
However, divorce is, unfortunately, sometimes an inevitability and a Prenup should be viewed more as an insurance policy to assist in saving future costs for legal fees, in the event of a divorce, and also your own personal financial security in the future.
It is always advised that you instruct a solicitor to advise and support you through the divorce process to ensure that any financial settlement reached is fair.
However, if a Pre-nup is in place and we are instructed in divorce proceedings, there is less for us to go through and unpick. What happens with certain assets and, finances etc, will be outlined in your Prenuptial Agreement and, therefore there will be less time (and of course fees) than if we have to go through the whole process without an agreement in place.
Our advice to have more control over any potential divorce settlement, is that you should seriously consider a Pre-Nuptial Agreement prior to the marriage setting out the intentions in the event of a divorce. Although Pre-Nuptial Agreements are not yet legally binding in England (Pre-nuptial agreements – House of Commons Library (parliament.uk)), they do hold great weight provided that they are entered into properly.
Our experienced family solicitors can provide expert advice and assistance in drafting and reviewing pre-nuptial agreements to protect your financial interests.
If you would like advice on this topic, we are happy to offer a free 30 minute consultation to discuss your individual case in more detail. Get in touch FamilyTeam@Jacksons-law.com or speak to one of our team in Newcastle (0191 2322574) or Stockton on 01642 356500).
