It is an urban myth that Prenuptial Agreements (more commonly known as “Prenups”) are available only to the rich and famous. Often parties with modest assets would benefit from preparing such an agreement in order to safeguard any assets they are taking into the marriage and to preserve the same should the parties to the marriage separate in the future.
Here at Josiah Hincks Solicitors our experienced Family Law Solicitors are able to advise parties as to their rights under a Prenuptial Agreement and prepare such a document if it is appropriate to do so.
Whilst Prenuptial Agreements are not currently legally binding within England and Wales, the Court do believe that they are highly persuasive when it comes to considering the matrimonial finances upon separation. The Law Commission have recently indicated that they believe these agreements should be come legally binding and there is ongoing pressure on the government to consider making suggestion into law.
Many people are aware that these agreements are legally binding in countries such as America and it is often seen that the law in England and Wales has been slow to act upon this area, often to the frustration of couples.
Prenuptial Agreements, when prepared appropriately and correctly, will inform the Court of the parties’ intentions upon entering into a marriage regarding their finances and how any assets held during the marriage will be dealt with should separation occur.
It is imperative that both parties entering into the Prenuptial Agreement have the benefit of independent legal advice, before entering into such an agreement, to ensure they fully understand its implications in the future.
Prenuptial Agreements are often appropriate when parties are entering into a second marriage and want to ensure that their assets are available to any children of a previous marriage. The costs of a carefully drafted Prenuptial Agreement are often in significantly lower than any costs that would be attributable to lengthy Financial Remedy proceedings that could take place upon separation.
Should you wish to discuss Prenuptial Agreements, or make an appointment with an experienced solicitor to prepare such a document, please do not hesitate in contacting us on the telephone numbers below:
Leicester office: 0116 2551811
Coalville office: 01530 835 041
Blaby office: 0116 2643430
Syston office: 0116 3440210