New Year, New Beginnings: The Importance of Prenuptial Agreements


By Julian McCarthy, Associate Solicitor 

As the festive season concludes, many people reflect on their relationships.

While some may consider separation or divorce, others look forward to tying the knot in the New Year. This exciting journey often begins with attending wedding fairs, visiting bridal shops, and booking venues and caterers.

However, amidst the wedding planning, it’s crucial to consider the future. What if the marriage doesn’t work out? How will assets be divided?

Assets can include property, savings, investments, businesses, pensions, possessions, and even pets.

What is a prenuptial agreement?

A prenuptial agreement, made before the wedding, outlines the division of these assets, whether they are joint or individually acquired before or during the marriage. This agreement helps prevent future disputes and costly legal battles.

Couples should seriously consider a prenuptial agreement, especially if they have significant assets. These assets might include businesses, properties, or other investments.

There’s a common misconception that prenuptial agreements aren’t upheld in England and Wales, but this isn’t true. They can be enforced if entered into fairly and with proper legal advice.

Common Misconceptions of Prenuptial Agreements

Unlike the dramatic portrayals in Hollywood, the courts will examine whether both parties fully understood the agreement, had full financial disclosure, and whether the agreement is fair and meets the needs of both parties.

The Office of National Statistics shows a gradual decrease in marriages since the early 1970s, but there’s an increase in mature individuals marrying later in life, often for the second time. These individuals are likely to have accumulated assets, making prenuptial agreements even more important.

Additionally, prenuptial agreements can include provisions for wills and inheritance planning, particularly for those marrying again. Without a will, the new spouse becomes the legal next of kin and stands to inherit most of the estate.

At Howells, we specialise in prenuptial agreements and can provide expert advice. Contact us to discuss your needs further.

We have the legal know-how

Family

02920 404018

www.howellslegal.com


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