Proposing this Valentine’s Day? Pop the prenup question

If you are thinking of proposing, you may want to consider protecting your existing financial position by way of a prenuptual agreement. However unromantic the concept, it is important that couples prepare for the possibilities the future may hold. After all, the protections you put in place now will likely limit the damage that can be done later.  

There is no one-size fits all with a prenup, and getting independent legal advice is key.  

Is a prenup for me? 

If you have independent wealth, anticipate receiving a sizeable inheritance, want to preserve assets received from a previous relationship, or have your own business, it might be worth considering a prenup. Having a prenup means you will both know where you stand from the start. 

What are the advantages of prenuptial agreements? 

They encourage parties to discuss finances from the outset and can help resolve financial issues before the marriage has started. 

They offer some security and protection of family assets or property acquired before the marriage. 

They can help provide financial security if there are children from previous relationships or marriages. 

They can also save time and costs. Having a prenuptial agreement which is valid and fair will help avoid long financial settlement proceedings, saving legal fees and expenses, tension and heartache. 

How do I approach the topic? 

Many people worry about raising these issues with their loved one, especially after a romantic engagement. But there is everything to be gained by protecting your financial position in the future. 

The topic is a very delicate yet very important one, and should be approached with care. Reassurance is key, and it is all about making sure your partner knows that they will be properly provided for, that you want to make sure that in the unfortunate event of a separation there will be no financial anxiety, and that the process will be as straightforward as it can be.  

How do I approach the topic? 

Many people worry about raising these issues with their loved one, especially after a romantic engagement. But there is everything to be gained by protecting your financial position in the future. 

The topic is a very delicate yet very important one, and should be approached with care. Reassurance is key, and it is all about making sure your partner knows that they will be properly provided for, that you want to make sure that in the unfortunate event of a separation there will be no financial anxiety, and that the process will be as straightforward as it can be.  

When should I draw up such an arrangement? 

The sooner the better – and at least 21 days before the wedding if you want to ensure that the prenup is as watertight as possible. Hopefully this will be kept in a drawer gathering dust whilst you focus on your marriage. 

Are prenups legally binding? 

They are not currently legally binding in England and Wales, although the law may change. However, a carefully thought through agreement, drawn up with independent advice, is quite likely to be upheld by a court. Prenups are also more likely to be accepted by a judge if they were agreed well in advance of a marriage – and if there is no implication that one party was coerced into signing. 

If you would like further information or advice in relation to prenups or family law more generally, please contact our private family team.