A Complete Guide To Getting a Prenup in the UK
Things You Should Know About Prenups
- What is a prenuptial agreement? In the UK, a Prenuptial Agreement is a written marriage contract entered into by two people before marriage. The prenup agreement sets out to the court how money and assets will be separated if the marriage ends in a divorce.
- Are prenups legally binding in the UK? Prenuptial agreements are not formally legally binding in England and Wales. They are, however, in Scotland and many other European countries.
- When does a prenup need to be in place by? It must be in place at least 28 days before you get married. You can enter into a postnuptial agreement once you are married if you cannot agree to a prenup before marriage.
- Can I draft the prenup myself without a solicitor? For a prenup to be legally enforceable in the UK the agreement needs to be drafted by legal professionals. Also, both parties must have had legal advice on the contents of the agreement and the effects of the agreement in the event of a divorce.
- Does a prenup stand up in court? Courts are likely to uphold your prenup providing that it complies with the UK divorce law. We have more information on how to ensure the agreement is enforceable below.
How to ensure that your Prenup is legally enforceable
In 2010, The UK Supreme Court recognised prenups for the first time in the now-famous case of Radmacher v. Granatino.
To help Ms Radmacher protect her £106m fortune in the event of the marriage breaking down, the couple signed a prenuptial agreement which stated neither party would benefit financially from the other if the marriage ended.
It was the first time that prenuptial agreements were recognised as enforceable under UK divorce law.
Despite Prenups not being legally binding they are regarded by Courts and in most cases, they are upheld.
Key Facts About Getting a Prenuptial Agreement in the UK
To ensure that your agreement has enforceability (should it come to a divorce), you need to make sure that your agreement lays out how you and your partner would divide things fairly.
Ensure that your prenup is legally enforceable by making sure;
- The prenup is drafted by a qualified solicitor to ensure it is compliant with UK divorce law – finding a template online for free won’t ensure this.
- The agreement is not to prejudice any children.
- Both you and your partner must seek separate legal advice for solicitors.
- The agreement must be freely entered into by both parties, which means that you must understand the agreement fully.
- The agreement must have been made at least 21-28 days before the wedding to avoid any claims that one party was rushed or pressured into agreeing to it.
- There should be full financial disclosure about the wider financial circumstances – This is from both parties and includes any property, investments or savings for example.
Prenups have become increasingly popular as people marry later in life than in previous generations.
People want to protect the money and assets they have accumulated before they get married such as property, savings, shares or pension pots.
Who are Prenuptial Agreements suitable for?
Prenuptial agreements are only suitable for couples when one half of the couple has significantly more assets than the other.
If one person has a large inheritance, owns their own property or business, for example then a prenuptial agreement is suitable.
If you have substantial assets, then for a lot of people it’s perfectly reasonable to take steps to protect those assets in the event of a divorce or separation in the future.
To summarise, you should consider getting a prenuptial agreement for one of the following reasons:
- There are assets and/or property that would be difficult to split because they were obtained before the marriage.
- You, or your partner, have children from a previous relationship and want to ensure certain assets are preserved for them and to protect their inheritance rights.
- You want to protect money or assets that you may receive from an inheritance.
- You have a business or investments that you would wish to remain in control of following a split.
If your partner has debts prior to the marriage, you can insert a debt clause to ensure that you will not be responsible for those debts and they would be repayable from any assets or property assigned to your partner in the agreement and not from your assets.
If you have any questions about prenups you can chat to us on Live Chat to receive instant answers.
How Much Does a Prenuptial Agreement Cost?
A Prenuptial Agreement with us will cost you between £299 and £699 depending on the complexity of your assets. Using traditional solicitors to obtain a prenup agreement can cost you £1800!
Other popular law firms such as Co-op & Woolley & Co charge between £1200 & £1800. Why is our service so much cheaper than theirs you ask?
Firstly, we use state-of-the-art technology to make getting the information from you much simpler, which reduces the amount of time our solicitors need to spend extracting the basic information from you.
They focus on the drafting of your prenup from the details you provide us with online. Unlike other services, you aren’t required to visit our offices or attend meetings to gather basic information, which ensures a much more straightforward and efficient service.
Where is a prenup stored and used?
Once your prenuptial agreement has been drawn up by your solicitor and both parties are happy with it the agreement becomes a legal contract.
However, the hope is that you get married and never need to look for or think about the agreement.
Both parties should certainly store a copy of the agreement that the solicitor will provide you with. Your solicitor should also store a secure copy and if the unfortunate event of a divorce occurs, they will produce it and the courts will decide form this point.
What is the process of arranging a prenup?
The first point to make is if you haven’t yet agreed on how money and assets would be split in the event of your marriage breaking down then you won’t be able to draw up a prenup.
You should seek the advice of a solicitor or try and come to an agreement with your partner.
However, as you’re looking for information on prenuptial agreements, we’re going to assume that there is an agreement in place and you need it drawn up into a legal contract.
Here’s how to get a prenup agreement for just £299 fixed-fee;
- Visit our Prenuptial Agreement Service for £299
- Complete our simple online order form (or call us on 01793 384 029 and ask us any questions first)
- Complete a simple online questionnaire (Providing us with the details of your agreement)
- Our solicitors will now professionally draft the prenup for you
- Both parties review the agreement and make any required revisions
- The agreement is signed and becomes a legal contract (ready for storage)