In a stark contrast to the situation we were in a year ago, we’re heading into the Autumn/Winter wedding season with more of a sense of normality. Bookings pushed back a year, or from spring to winter, and perhaps even moved around multiple times, are hoped to go ahead without a glitch in the run up to the festive season.
Being the legal minds that they are, our family law team are here to explain an additional element that’s not quite as joyous as the rest of the wedding planning, but can prove important in a worst case scenario if something doesn’t work out.
A pre-wedding plan you may not yet have considered
Without intending to dampen anyone’s excitement for their own wedding, and although it may not be foremost in a couple’s mind when they get engaged, there is always the possibility that a marriage may not last forever. For those who have accumulated significant pre-marital wealth, there may be a need to protect those assets prior to entering the marriage. There may also arise the right to preserve for yourself certain assets which you or your spouse accumulate during the marriage itself.
Should you be preparing a prenuptial agreement?
In circumstances where there is, for example, a significant disparity in the wealth and income of both spouses; or there are pre-acquired assets, we would recommend that the parties enter into a prenuptial agreement, or ‘prenup’. This is a unique and bespoke document drafted by an experienced matrimonial lawyer.
Since 2010, and the case of Radmacher v Granatino, the courts have generally accepted that a prenup will be upheld, provided certain conditions are met.
These requirements include for example that:
- Each party receives independent legal advice.
- There must be full disclosure by each side as to their financial assets.
- Neither party may exploit a dominant position.
- Neither party should be under any pressure to sign the document
To the latter point, it is now standard practice to ensure a prenuptial agreement is signed at least 28 days before the wedding, as signing it closer to the wedding day might be evidence of undue pressure.
In the case of Radmacher, the prenup was largely upheld by the Court. This was on the basis that the Court should give effect to agreements which are freely entered into by each party, with a full appreciation of its implications, unless in the circumstances at the time, it would be unfair to hold the parties to the agreement.
Where such an agreement is upheld by the court, it can result in the costs, time and stress being removed from dividing assets and resolving finances on a divorce.
In the event that a date for the wedding has been set, and is approaching, if there is a need to protect your assets through a fair agreement, please contact one of our experienced family lawyers.
Contact us about a prenup
Our family law team are well versed in the preparation of prenuptial agreements as a precautionary action in the event of a divorce.
If you would like to speak with the team about a prenup you can call us on 0161 969 3131 or fill in our contact form and the team will be in touch.