Prenuptial and postnuptial agreements (prenups and postnups) allow you to set out in advance what you want to happen financially if your marriage ends in divorce. If properly drafted they will be binding.
Why have a prenup or postnup?
The way the law of England & Wales deals with finances on divorce is highly discretionary and unpredictable. It's practically impossible to say with any certainty what a judge or arbitrator might decide if you and your ex can't reach your own agreement. Often the best family lawyers can do is say what the broad parameters of a settlement might be.
Nuptial (or marital) agreements might not seem very romantic but they enable you to avoid this legal lottery. The cost of drawing them up can be seen as an investment when you consider the substantial legal fees you'll save from knowing where you stand if you get divorced.
Other advantages include:
- Identifying and protecting business or trust interests, inherited/gifted wealth or other assets owned before your marriage so that they can be excluded from any split.
- In an international marriage, agreeing where the divorce and financial proceedings take place in situations where there's a choice.
- Providing reassurance if you're living together and wanting to get married, but are worried about the financial implications if there's a divorce later.
- For postnups, providing certainty if you've been separated but are giving the marriage another go.
