Once celebrated by the rich and famous, prenuptial agreements, or prenups are becoming increasingly popular.  Does wanting one mean you think your marriage won’t last?  No!  Ensuring you are both protected in a way that is, often, representative of what you have built together is both loving and courageous. In this article, family and matrimonial lawyers at Keystone Law, Carolyn Bottomley and Kim Marshall explain why getting a prenup can be one of the most caring things to do, alongside the more practical advantages.  Protecting each other financially, no matter what, is romantic!

What is a prenup? Prenups are agreements made by a couple prior to their marriage, which makes provision for the split of a couple’s assets and income in the event that their marriage ends. 

Why are prenups actually a romantic gesture?

Irrespective of whether you are planning a traditional white wedding, surrounded by family and friends or eloping to Las Vegas to tie the knot - entering into a prenup may offer the following benefits:

• Communication - Discussing financial issues can be one of the most difficult aspects of marriage.  Dealing with this at the outset of the marriage can truly strengthen a relationship and support good communication throughout the marriage.
• Certainty - A prenup enables you and your partner to agree at the outset of your marriage how assets are to be held and managed during the marriage, for example, whether a joint account will be opened and how property is to be held, as well as how your finances will be divided in the event that your marriage ends.  
• Freedom to agree your own terms - You and your partner may have a creative plan for dividing your assets if you divorce.  A prenup provides you with the freedom to agree your own terms without the court imposing a solution on you.
• Transparency - Prior to entering into a prenup, you and your partner will each be required to disclose to the other, details of your income, assets and debts.  There will be no surprises at the outset of your marriage as you will both be familiar with each other’s financial positions before tying the knot.
• Protection - If you, and/or your partner have children from a previous relationship, a prenup can ensure certain assets are reserved for them and that their inheritance rights are protected (it is also crucial to make a Will for the same reason). Equally, a prenup can clarify what should happen to certain assets on your death (in support of the provision contained in your Will).  For example, the inheritance prospects of children and grandchildren can be protected in a prenup.

What is the process?

A prenup is always tailored to the individual couple to make the whole process as friendly as possible.  Discuss the prenup amongst yourselves in broad terms first. Next, a specialist solicitor can prepare an initial draft agreement based on your instructions.  You and your partner can always either negotiate the terms of the draft agreement between yourselves or alternatively, they can be conducted between solicitors.  Prior to signing the agreement, you will each require your own independent legal advice about the effect of the terms of the agreement.  

How long do prenups take to negotiate?

This can depend, but a couple should allow as much time as possible.  The Law Commission’s recommendations are that agreements should be entered into at least 28 days before the wedding to avoid any situations where it may be signed ‘under duress’, so it is important to start the discussions well in advance of the wedding to ensure sufficient time for the agreement to be negotiated, considered and signed.

Already married?

Do not worry, it is not too late to enter into a postnuptial agreement which can provide the same financial protection.