5 important things to know about prenups
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Categories: Agreements
5 important things to know about prenups1. Is A Prenup Right For Me?
Prenups help determine how your property and finances are dealt with both during your marriage and if you get divorced. The same goes for civil partnerships, where a pre-registration agreement is drawn up in the same way.
Prenups help protect both sides assets and wealth in the event of a divorce, helping ensure fairness. Otherwise things are left solely to the courts, which unfortunately, is when battle strategies often take over and matters don't get resolved easily. None of us want a divorce / break up but it happens regularly (in over 50% of cases). Prenups can reduce divorce stress and strengthen relationships before and during marriage when used as a planning tool.
2. Are Prenups Legally Binding?
Prenups aren’t automatically legally binding in England and Wales because courts aren’t obliged to hold them up. However thanks to the landmark case Radmacher v Granatino (2010), prenups (and postnups) have become commonplace, accepted and generally get upheld by courts so long as they meet specific requirements. Wenup's platform backed up by our partner top tier family lawyers help maximise legal validity.
3. What Are The Prenup Requirements?
The agreement must have been made freely by both sides and judged to be fair, with both sides understanding the implications of the agreement. Full disclosure is required by both sides on their complete financial situation. Both sides need independent legal advice (which wenup facilitates). The agreement can’t prejudice any current / future children. The needs of both parties need to be met for contractual validity.
4. Can A Prenup Be Altered?
Prenups should be altered through the course of a relationship if material circumstances change on either side.This could be the original bread winner of the house changing and not being the highest earner or that one of the couple comes into a large inheritance. The newly amended agreement will have to go through the full signing process again.
5. Is There A Prenup Deadline Pre-Marriage?
A prenup needs to be made a minimum of 28 days before the wedding. If you’re within this timeframe, we can start working on a post-nup, which offers all the benefits of a prenup, just a bit later.