Will you marry me? Valentine's Day proposals and prenups

Roses are redViolets are blueWill you marry me, provided we have a prenup too?

February is the month of love and often considered one of the most romantic months of the year as couples celebrate Valentine’s Day. Whilst many couples will exchange cards, send flowers, buy chocolates or share a romantic meal together, others will go one step further on February 14 by popping the question and asking their partner to marry them. 

I’ve recently got engaged, what should I do?

For couples who have recently got engaged, there will be lots of exciting things to plan and look forward to in terms of organising the wedding day and booking a honeymoon for example. However, as unromantic as this may sound, it is important not to overlook the fact that not all marriages stand the test of time or end happily ever after.

Whilst a prenup may not be considered very romantic, it is something many couples who are planning on getting married should consider as a practical way of agreeing on how their financial affairs will be dealt with if their relationship sadly breaks down.

What is a prenup?

 A prenuptial agreement or ‘“prenup’ is a written agreement signed by a couple in anticipation of their marriage and before the date of their wedding ceremony. It is a legal document setting out, amongst other things, what their assets are at that time and how they intend them to be divided should their relationship break down, resulting in a divorce.

As a family and divorce solicitor, I understand and witness many marriages that sadly fail and end in divorce. When they do, there will be lots of issues to sort out and resolve, including financial arrangements and the division of assets, as well as those relating to children, such as organising where any children will live and how much time they will spend with their separated parents. On divorce, married couples have financial claims against one another for a share of the capital assets such as the family home, other property, savings and business assets for example, as well as claims for ongoing financial support by way of spousal maintenance and a share of the available pensions.

What does a prenup do?

A prenup provides clarity as to how a married couple’s assets and financial resources will be divided in the event of their relationship breaking down. It enables couples to openly discuss important financial aspects of their relationship before their marriage. The purpose is to avoid the couple subsequently becoming embroiled in a dispute as to how their respective financial claims will be dealt with on divorce.

Who should consider a prenup?

A prenup should be considered by all couples who wish to agree, before their marriage, how these issues will be resolved in the event of divorce so that they avoid the uncertainty, stress and cost (both from a financial and emotional perspective) of disputing these matters after their marriage breaks down.

Are prenups legally binding in the UK?

 Although prenups are not legally binding in England and Wales as they are in other countries, they will be afforded significant weight if a married couple later divorce.  As such, the family court will be slow to interfere with the provisions set out in a prenup provided the agreement is fair to both parties. 

Prenup safeguards

To ensure a prenup is given proper consideration by the family court, it is recommended the following safeguards should be applied when the agreement is prepared:

a) Both parties must exchange full financial disclosure at the time the prenup is made so that they are aware of each other’s financial resources before they enter into the agreement.

b) The prenup must be contractually valid and executed as a deed.

c) The prenup must not have been made within the 28 days immediately preceding the date of the wedding and, ideally, should be signed not less than 4 weeks before the date of the wedding. This ensures both parties have sufficient time to consider the implications of the agreement so that they do not feel rushed into signing it.

d) Both parties must not be unduly pressurised into signing the agreement and they should both receive independent legal advice at the time the agreement is entered into.

e) The prenup must not prejudice any children and it must meet both parties’ needs fairly.

f) Provision should be considered for the prenup to be reviewed in the future, for example, if there are significant changes during the marriage such as the birth or adoption of any children or after a fixed period.

Are prenups only for the rich and famous?

 There is a common misconception that you only need a prenup if you are rich or famous. Whilst this may have been the case when prenups were first introduced, such agreements are no longer restricted to wealthy or celebrity couples.

Instead, prenups can be useful for all couples, particularly those who are getting married for the second or subsequent time, or where they are getting married later in life.  In such cases, one of the parties may bring more assets into the marriage which they would wish to protect in the event their relationship breaks down, including pre-acquired property and pensions. Prenups can also be useful in short and childless marriages, or where one party is in a stronger financial position than the other, with considerable business assets or interests for example, or where family members are making financial provisions for the parties.

These types of agreements should be considered by all couples who are planning marriage and whilst there will be a financial cost incurred to prepare for the prenup, it can save a lot of time, heartache, and considerably more money in the future.

Can Birkett Long help with a prenup?

If you are planning on proposing to your partner this Valentine’s Day or if you have recently got engaged and are considering having a prenup drawn up, please do get in touch as I would be happy to help.

I offer a no obligation, free of charge, 15 minute chat to discuss prenups and any questions you may have surrounding these types of agreements or any other family law issue.

Shelley Cumbers

08/02/2023

Email: [email protected]

Call: 01206 217 378