Is a prenuptial agreement worth it?

What is a prenuptial agreement?

A prenuptial agreement is an agreement made by a couple voluntarily before marriage or civil partnership. The agreement specifies the assets each party has and outlines how those assets should be divided in the event of separation or divorce.

How do the courts view a prenuptial agreement?

A prenuptial agreement is not legally binding in the UK, and the agreement can still be challenged by the family court. The court will consider a prenuptial agreement but may decide on a different financial outcome.

The family court are more likely to uphold an agreement if:

• it was entered into freely by both parties
• full financial disclosure takes place by both parties
• both parties obtained independent legal advice
• the terms are deemed fair.

If you are getting a divorce and you are both content with the terms of the prenuptial agreement, those terms will be incorporated into a financial order known as a ‘Consent Order’. This document is then submitted to the family court for approval. Once approved, the agreement is legally binding. Further guidance on financial orders on divorce.

Can a prenuptial agreement reduce conflict in the future?

Both parties need to complete financial disclosure to each other by providing full and accurate information about income, assets, liabilities, and any significant financial interests. The purpose is to ensure transparency and informed decision‑making when making a decision about financial assets in the event of separation or divorce.

If a couple get a divorce and do not have a prenuptial agreement, it is likely they will start discussions regarding finances during the divorce process. The divorce process can be stressful and there is often some conflict between parties, which can make discussing finances even more difficult. If you have already done this prior to the marriage, this could reduce conflict as both parties already understand each other’s financial position at the time of the relationship breakdown.

A prenuptial agreement is agreed and signed by both parties before marriage. Both parties have already confirmed how finances and assets should be split in the event of divorce or separation, which means there may be less chance of disagreement. However, at the time of  divorce or separation, one party could argue the terms of the agreement are no longer fair and conflict could arise.

Prenuptial agreements need to be reviewed when there is a material change in circumstances (for example children, change in income, health changes). Conflict may occur if an agreement can’t be made to change the prenuptial agreement based on the change of circumstances.

If the court do not approve the terms of the consent ordered drafted based on the terms of the prenuptial agreement, this could also cause conflict between parties who would then need to re-negotiate the terms.

What are the timescales involved in a prenuptial agreement?

The prenuptial agreement needs to be agreed and signed by both parties no later than 28 days before the date of marriage. The sooner you begin discussions about entering into a prenuptial agreement with your partner the better.

Do I need a solicitor if I want a prenuptial agreement?

A solicitor has experience in drafting a prenuptial agreement correctly and advising clients on whether their proposed terms of the agreement have a realistic chance of being agreed by the family court. A prenuptial agreement is only effective if it is accepted by the court.

It is usually a requirement that all parties entering into the prenuptial agreement obtain independent legal advice. If one party does not seek independent legal advice, a Judge may take the view that person entered into the agreement without fully understanding the terms and implications of it.

A solicitor is fully trained in obtaining and reviewing financial disclosure from clients and other parties which will alleviate the stress from you.

We advise you to contact a solicitor no later than 4-6 months before you are due to get married or enter into a civil partnership. The agreement must be signed no later than 28 days before the wedding date. However, both parties will need to meet with solicitors, complete full financial disclosure, reach an agreement, and then instruct a solicitor to draft the agreement which you both need to approve and sign.

Contact Us

At David Gray Solicitors our expert Family Solicitors are here to offer specific tailored advice to assist you in navigating prenuptial agreements. Call 0191 232 9547 to make an appointment.