Reasons to Consider Entering into a Prenuptial Agreement

Reasons to consider entering into a prenuptial agreement 

Prenuptial agreements, often known as prenups, are not (yet) legally binding in the UK, but they are legally relevant. Based on a 2010 ruling, divorce courts will accept prenups as valid, provided that both parties entered them willingly and understood their implications, unless there is a particular reason why it would be unreasonable to enforce them in any particular situation. As the prenup is between the two individuals entering a marriage/civil partnership, it is entirely distinct from the obligation to support any children arising from the union.

 

Prenups have moved out of the celebrity world and into the mainstream

Celebrity prenups (or the lack thereof) have long been fodder for the gossip columns but over recent years they have moved into the world the rest of us live in. While they are commonly associated with situations in which couples have widely different financial values, they can also be used to draw lines in the sand in other situations, for example to highlight anything one of the parties considers a personal possession which they would like to keep in the event of a divorce/dissolution. Setting this out up front can be easier than trying to reach an agreement in the potentially heated atmosphere of a couple parting ways.

 

Realistically, failure is an option

Around one third of marriages end in divorce, which means that even though the odds of success are still on your side, the odds of failure are high enough to deserve to be taken seriously. Even though the UK has yet to implement the concept of “no faults divorce” in the real world, divorce/dissolution can come about for reasons which have nothing to do with fault.

People make mistakes and sometimes couples can agree amicably that their marriage was one of them and move on in a respectful manner. This is particularly beneficial if the split comes after the arrival of children.

 

Mediation and legal advice are the road to success

In principle, mediation can take place before or after a legal agreement has been drawn up. In practice, it probably helps to have it first and keep open the option of further mediation afterwards if need be. Mediation is simply a process by which couples have a full and open discussion of their situation and expectations, which is facilitated by a mediator.

The mediator’s role is to keep the discussion on topic and to help both parties to express themselves and to learn to understand each other’s views until finally they reach a place of agreement, which the mediator then converts into a memo of understanding, which can then be given to the solicitors acting for the respective individuals.

This makes it easier for the solicitor drawing up the prenup to create a document which accurately reflects their client’s wishes and for the solicitor acting on behalf of the other party to analyse the agreement and ensure that it is appropriate for their client. While prenups are like insurance in the sense that they are a product you buy in the hope that you are never going to use them, just like insurance, it can be very helpful to know that you are covered if the need arises.

Fletcher Day are a full service law firm based in Mayfair, London. There team of family law solicitors in London can advise on a range of matters relating to family law including divorce, prenuptial agreements, civil partnerships and separation agreements.