understanding prenuptial agreements
TRANSCRIPT
Howard CohenPartner - Head of Family Law
Prenuptial Agreements
Understanding prenuptial agreements
What is a prenuptial agreement?
Who should sign a prenuptial agreement?
What should a prenuptial agreement include?
What cannot be included in a prenuptial agreement?
What makes a prenuptial agreement valid?
Prenuptial agreement – facts and myths
What is a prenuptial agreement?
The agreement covers finance and property arrangements in the event of a divorce situation.
A postnuptial agreement includes the same details, but is made after the marriage is in place.
A prenuptial agreement is a contract agreed between a couple prior to marriage.
Have been married previously
Who should sign a prenuptial agreement?Prenuptial agreements are suitable for people:
With personal assets
With business assets
Who have inherited including future inheritance
With children from a previous relationship
Use a prenuptial agreements calculator to estimate what protection a prenuptial agreement may provide.
What should a prenuptial agreement include? Prenuptial agreements include assets acquired prior to the
relationship. If you own a business it is important to ensure this would
not be affected in the event of a marriage breakdown. Equally, encourage any joint business owners to do the same.
Property bought prior to the marriage plus inheritance can be protected.
Ensuring children from previous relationships are given the assets they are entitled to.
What cannot be included in a prenuptial agreement?
Child support for any existing or future children.
Child custody and visitation rights.
Anything that is deemed unfair.
What makes a prenuptial agreement valid?It is vital your prenuptial agreement is valid, fair and reasonable.
Guidelines to ensure your prenuptial agreement is valid:1. Enter into the agreement at least 21 days before the marriage.2. Both parties are given the opportunity to seek independent
and separate legal advice.3. Exchange financial disclose before the terms are negotiated.4. Include the provision to review the agreement in the future.
Prenuptial agreement - facts and mythsMYTH: Signing a prenup means you are planning to divorce. FACT: As a couple, you both have a clear understanding and
expectation of arrangements should the marriage end. MYTH: Prenups aren’t enforceable by law.FACT: Statutory law is set out in section 25 of the Matrimonial
Causes Act 1973. Pre/post nuptial agreements are taken in to account as “one of the circumstances”.
MYTH: Our financial circumstances may change.FACT: You can include a provision to review the agreement
especially following the birth of any children to ensure the agreement is kept updated.
Understanding prenuptial agreements
Seen as an insurance policy they offer protection. Need to be fair and valid. A helpful way to cover expectations from the outset. Can contain provision to allow for future changes. Security for business owners Reassurance for families passing down inheritance.
Contact details
Telephone: 0113 320 5000Website: www.winstonsolicitors.co.ukemail: [email protected]: https://uk.linkedin.com/in/howard-cohen-b2153327Twitter: @FamilyLawWSHead office:112 Street Lane Roundhay Leeds LS8 2ALCity centre: 4 Park Place Leeds LS1 2RU