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What is a Prenup? 5 Important Things to Know

What is a Prenup? 5 Important Things to Know

Although the divorce rate in the UK has gradually reduced over the last ten years or so, there are still plenty of people untying the knot. A divorce is an unfortunate, difficult, and costly experience — and one of the ways people preempt the expense of their marriage ending is with a prenup. Prenuptial agreements are still a relatively new concept when you consider how long marriage has been around. Therefore it’s always a good idea to get a firm grasp on some of the more important aspects – as well as seeking the advice of a family lawyer — before you go ahead with anything. In this post, we’ll point out a few crucial things to know before you get a prenuptial agreement. 1. What is a Prenup? A prenuptial agreement or ‘prenup’ is an agreement between a couple before their marriage that allows them to plan ahead in case they get divorced. While this may not seem like the most romantic prospect, it can definitely prove to be an asset when it comes to ensuring you both get a fair share while avoiding hostility. A prenup establishes the ownership of assets, money, property, and anything else you may have accumulated as a couple. It then sets out how these things will be divided in the event of your marriage coming to an end. Here at KMJ Solicitors, our family lawyers specialise in creating prenuptial agreements that suit the needs of all involved. We work closely with clients to understand their requirements and concerns, writing up an agreement that guarantees the security of your money and assets in the...
Should I See a Solicitor Before Signing a Prenuptial Agreement?

Should I See a Solicitor Before Signing a Prenuptial Agreement?

The answer is, yes.  If you do not seek legal advice, there is a chance that the prenuptial agreement (or prenup) will not be valid. In the UK, pre-nuptial agreements are not yet legally binding or completely enforceable. However, since 2010 (following the widely-reported case of Radmacher v Granatino, where the prenup was upheld), the family courts have attributed more significance to the existence of a prenup when considering how the assets of divorcing parties’ should be divided between them. The decision of how much weight a prenup is given, if any, is determined by the court, taking its existence into account as one relevant factor of the case. Over the last decade, people have become increasingly commercially ambitious and there has been a more prominent focus on wealth management. Thus, more couples seek to protect their assets with the help of a prenup. The Law Commission recognised these changes and issued the following, helpful guidance on how to give prenups the best chance of being upheld upon divorce:    The agreement must be entered into by both parties freely and of their own will (and not under duress or under any sort of misrepresentation);    Both parties must have received, full disclosure about the other party’s financial situation before signing the document;    The agreement must be a formal Deed and must contain a Statement of Truth, signed by both parties recognising that the agreement is a qualifying nuptial agreement and stating that the disclosure given is honest and full disclosure;    The agreement must be entered into more than 28 days before the date of the wedding or civil partnership;    Both...
Proposing This Valentine’s Day? You Should Also Propose a Prenup

Proposing This Valentine’s Day? You Should Also Propose a Prenup

It’s the time of year for romance and grand gestures, including getting down on one knee and popping the question. But don’t get carried away in the heat of the moment and forget about the practical aspects; make sure your London divorce lawyers are on hand to advise. Are you planning on proposing this Valentine’s Day? If you are, you’re not alone. It may not be the most popular day anymore since Christmas Eve knocked it off its pedestal, but Valentine’s Day is still seen as a great chance to commit your love by many. With all this love flying around, no-one likes to think that they might end up as a divorce statistic. It’s not something you want to acknowledge, especially not so soon after proposing, but your marriage’s survival chances are pretty much fifty-fifty. So how do you insure against the breakdown of your marriage so you don’t come out emotionally and financially broken? And how do you introduce a prenuptial agreement into the equation, without offending your new fiance or fiancee? What Exactly is a Prenup? A prenup isn’t a legally binding document, as some would have you believe. Rather, it’s a set of agreements put together by you and your future husband or wife’s London divorce lawyers about what the terms of your marriage are and what happens if something goes wrong. Recently, lifestyle clauses have become more popular in prenups, which has confused the process even further. You can look up prenup templates on the internet, but this is a quick way to become drowned in very unromantic jargon. It’s far easier to simply...