Thinking of proposing? Pop the Prenup question

If you are thinking of proposing, you may want to consider protecting your existing financial position by way of a prenup 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 are no one-size fits all with a prenup, and getting independent legal advice is key. We’re here to break down any questions you may have on the topic and help you feel more comfortable about putting the correct precautions in place. 

 

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? 

Prenup’s encourage parties to discuss finances from the outset and can help resolve financial issues before the marriage has started. It offers some security and protection of family assets or property acquired before the marriage and can help provide financial security if there are children from previous relationships or marriages. It 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 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 28 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? 

Prenups are not currently legally binding in England and Wales, although the law may change. The approach of the Court is, if correctly drafted, the Court will give appropriate weight to them. Just as making a Will doesn’t kill you, entering into a Pre-Nuptial arrangement doesn’t meant that the relationship will break down, but can provide peace of mind for both parties from the outset. 

 

If you would like further information in relation to Prenups or family law generally, please contact Aimee Benmayor in the private family department at aimeebenmayor@msbsolicitors.co.uk.