Prenups are only for the rich!!!! Or are they?

Many people believe that the notion of prenups (prenuptial agreements) is an idea best reserved for the rich and famous. If you don’t have 5 Lamborghinis in the garage, what is there to protect right? Wrong. Prenups are agreements entered into by a couple prior to their marriage, and it can be as tailored as required to meet the couples needs and expectations.

Prenups can apply to many people in many different circumstances, look at the questions below to consider if a prenup may be helpful to you.

You may not be rich, but you have grown up in a family home owned by your parents, the value of which could now have increased in the millions. Would you not wish to protect your future inheritance in this estate?

You may not be rich, but you are working for yourself, offering online coaching for health and fitness. Would you not want your income and business to be considered separate to that of your future spouse?

You may not be rich, but you have a child from a previous relationship. Would you not want to protect your child’s interest in any property you have or may have?

You may not be rich, but you have bought a little holiday villa in southern Spain. Would you not want to ensure that you can still keep ownership of your villa?

You may not be rich, but you are a health worker who pays into your pension every month. Would you not want to make sure you can fully benefit from your pension on retirement?

You may not be rich, but you have recently ventured into bitcoin trading. Would you not want to protect your investments, especially if they’re likely to grow?

All of the scenarios above could benefit from a prenuptial agreement. A prenup can include terms to determine any assets you own or come to own should be treated in the event of a divorce. However it is important to recognise that this does not mean that if you enter into a prenup you are more likely to get divorced. Prenups should be viewed as a lifejacket, although they are not entirely legally binding, they offer a form of protection that you otherwise would not have.

A prenup may include a term such as “Mr Smith and Mrs Smith agree that, save as provided for by this Agreement, neither of them will make any claim against the other’s separate property.” Whilst this may seem like a vague statement, in practice it will mean that you can protect the house you purchased before meeting your spouse. It may even mean that the amazon shares you brought during the pandemic, which may have doubled by the time you marry, remain yours in the event of divorce.

There is a technical process behind how a prenup is agreed, drafted, and signed. This process will be one of the deciding factors a Court will rely on to consider whether to uphold the terms of the prenup during a divorce. In practice, this means that your prenup must be entered into a minimum of 21 days before you marry, and follow all the criteria required to be considered a valid agreement.

Our expert family lawyers have many years of advising on the need for prenups, and drafting prenups as per the Court’s requirements.

If you are unsure about whether you need a prenup, we can take this stress away from you at a time where you should be enjoying the preparation of your upcoming wedding. Our family solicitors will advise you on the best course of action to take, whilst remaining sensitive to ensure that you and your partner do not feel an impact upon your relationship.

In comparison, you may have entered into a prenup before your marriage that you were forced into or did not understand the implications of. This can have a serious impact on your financial position in the event of divorce, and it is vital to take action as soon as possible. If you have wrongly entered into a prenup, there is still time to rectify this

We are offering a free initial telephone consultation with our family team for new enquires. During this call we will tell you whether we can help, and what we can do next to get started. Give our family solicitors a call now for a friendly chat on 020 8735 9770 or email our family law department at info@hpwsolicitors.co.uk