You will often hear a prenuptial agreement referred to as a prenup. A prenup is an agreement entered into in advance of marriage that sets out the arrangements which the parties intend to make. It can outline arrangements for living together during the marriage but usually sets out the division of assets and income in the event that the marriage fails.
Typically, where one party to the marriage has a greater capital or income base than the other they may wish to protect their position in the event of a separation, as the spouse may have a claim on at least 50% of the available assets or more, if they can establish a need.
Any engaged couple might wish to ensure that they have a clear agreement for the future in case the statistics on divorce catch up with them; it might help to avoid the potentially lengthy and expensive litigation which often accompanies divorce.
For such an agreement to be effective it is important that both parties understand the real meaning of the agreement, that is, not only what they are entering into but what they are giving up by signing the agreement; for that reason it is important that each party is legally advised before signing the agreement.
A postnuptial agreement is entered into after the marriage but in all other respects is very similar to a prenuptial agreement. You can have both a prenuptial and a postnuptial agreement.
At Neves Solicitors, Harpenden our specialist lawyers frequently draft both prenuptial and postnuptial agreements for our clients and advise on the effect of such agreements when a marriage fails. Click on the images below to find out more about the specialisms of each of our solicitors.
If you are thinking of marrying why not have a chat with a member of our Family Law team who can advise you as to whether such an agreement will be right for you. Get in touch by calling 01582 715234, email email@example.com or complete our contact form below and we'll get back to you.