At the start of your marriage, you may not wish to know how you might sort things out should your relationship come to an end. Nonetheless, having an outline of how things can be arranged in such an event can prove useful if the spouses do wish to part after having been married for several years. Prenuptial agreements in London can be drafted and personalized to suit the needs of the two individuals, without influencing their future marriage.
In this article, our prenuptial agreement solicitors in London answer some of the most common questions about these types of contracts. If you wish to know more or are in need of expert legal advice concerning divorce or separation, our team is ready to answer your questions.
Table of Contents
What is a prenuptial agreement?
A prenuptial agreement is a contract between the two future spouses, concluded before the marriage. It includes specific terms for the division of assets and an agreed settlement in the event in which the marriage is irretrievably broken.
A prenup in London is commonly concluded between the two parties, especially if one or both have amassed a high net worth up until the date of the marriage.
Such an agreement lays out the manner in which the assets will be divided and can include the following clauses:
- property and debt identification and listing (what each party owns and owes before the marriage);
- spousal support after divorce;
- child maintenance and other child issues; prenuptial agreements in London that include this clause can save the time and expenses related to litigation to resolve child issues in the event of divorce;
- the treatment of the marital residence;
- debt protection;
- property distribution after the death of one of the spouses.
It is important to keep in mind that a prenup agreement is not a legally binding instrument in the UK. However, as a prenuptial agreement lawyer from our team can attest, it can provide decisive in front of the Court in certain cases.
An essential element the Court will take into account when reviewing the prenup agreement is how this contract was entered into. More specifically, they will look to see if the agreement was entered into voluntarily. This is done unless it would be unfair to hold the parties to their initial agreements under the prenup. Essentially, the court takes into account each prenup on a case-by-case basis.
In February 2014, the Law Commission recommended the introduction of qualifying nuptial agreements, however, by October 2023, the Government had yet to respond to this proposal.
Are you unsure if you should sign a prenup? Our prenuptial agreement lawyers can evaluate your case and provide you with specific information depending on your current financial status, both your individual finances and your shared assets (if any). Choosing to talk to a prenup lawyer about this topic is advisable as an expert will be able to give you adequate information.
If you are interested in other matters related to Family Law in the UK, please reach out to our family law solicitors in London.
Do I need a prenuptial agreement?
While prenuptial agreements in London are common tools for wealthy individuals living in London, they are not restricted to these types of individuals. These contracts have a high level of practicality, and they are useful for preventing a lengthy settlement process in the event of divorce.
A prenup in London can be useful in a number of cases:
- you will receive an inheritance or have substantial wealth you wish to protect or decide solely upon its distribution;
- you have children from a previous marriage and you wish to make sure that, upon divorce, your spouse will not receive 50% of your assets;
- you have a business and wish to make sure that it will remain solely under your control or under the control of an agent assigned by yourself; our prenuptial agreement attorney can give you details;
- you are marrying a foreign national and wish to protect your UK assets from the laws that may be in force in another jurisdiction.
These are just some simple examples of the reasons why one or both parties may decide that a prenuptial agreement is needed. As seen from the list above, in many cases a prenuptial agreement’s main focus is a financial one, taking into account both the assets brought by each of the parties into the marriage, as well as those generated during the union.
Can your prenuptial agreement solicitors in London help me?
The legal aid provided by a lawyer is particularly valuable before entering into such an agreement. Both parties can choose to work with their own lawyer who will advise them in the fairness of the terms set forth in the contract.
Our solicitors can help you draw up a prenup in London and represent you in front of the other party, as needed if any negotiations are in place. Having access to independent legal advice before entering into a prenup agreement, to draw up such a document or simply for vetting an agreement offered to you by the other party, is important and it will help you understand the implications of the prenup.
A prenup does not impinge upon the romanticism of marriage. It is simply a manner of ensuring a reasonable division of assets, in a straight manner that was agreed upon from the very beginning.
New legal provisions for divorces in the UK
The divorce, dissolution, and separation act, which entered into force in April 2022, provided for important legal changes for those interested in ending their marriage or civil partnership, or simply for those who were interested in separating.
Our divorce lawyer in London briefly outlines some of the most important provisions of the Act:
- the ability to defend the decision to divorce/end the civil partnership was removed;
- introducing the possibility of applying for a joint divorce/separation/dissolution application (this is a premiere);
- removing the requirement to offer evidence of separation or conduct facts; now, couples who wish to divorce in the UK are simply asked to provide a statement of irretrievable breakdown of their marriage or civil partnership (needed in order to be granted a judicial separation);
- a new minimum timeframe of six months was introduced for divorce and dissolution proceedings.
If you would like to discuss how these changes may concern you if you have signed a prenup, our prenuptial agreement solicitors can analyse your particular situation.
UK marriage and divorce statistics
The available data shows that in 2022 there were 80,057 divorces in England and Wales. Other relevant statistics, made available by the ONS and presented by our prenuptial agreement solicitors in London are the following:
- the number of divorces in 2022 was lower than that registered in 2021 (80,057 divorces in 2022 compared to 113,505 divorces in 2021);
- the number of divorces in 2022 is also the lowest since 1971;
- the divorce rate for men in 2022 was 6.7 per 1,000 of the married male population and 6.6 for women (also per 1,000 of the married female population); the data includes both opposite-sex and same-sex married couples; again, these are lower rates than those recorded in 2021;
- the total number of dissolved civil partnerships in 2022 was 525, including same-sex civil partnerships; this marks a 22.8% decrease in the total number of civil partnership dissolutions compared to 2021.
Agreeing upon a prenup before you get married or enter into a civil partnership can greatly influence the outcome of the duration of the separation proceedings. While no couple enjoys thinking about these issues in the very beginning, if you are interested in knowing more about what can apply in your case, our prenuptial agreement lawyers can offer you more details.
These types of agreements are best used when personalised to meet the needs and the particular situation of the couple. Likewise, in the unfortunate case of a separation, a divorce lawyer in London from our team can provide tailored solutions.
If you wish to know more about pre- and post-nuptial agreements, you can contact our prenuptial agreement solicitors in London.
