With more and more couples in the UK looking to keep control of their financial futures, prenuptial agreements (or ‘prenups’) have become a common place before marriage. So what exactly is fair game in a prenup and where do you draw the line? A guide to what these agreements are and are not for:
What You Can Include
- Division of Property and Assets:
In a prenup, you have the power to define exactly what division of property means for you and your partner as well with savings accounts, investments or other assets if the marriage ends. Most commonly, this is established to shield assets brought into the marriage (i.e. premarital) from potential divorce claim such as a family business or heirlooms. For help from Family Law Solicitors Gloucester, visit https://deeandgriffin.co.uk/personal-legal-services/family-law-solicitors/gloucester/
- Debt Responsibilities:
Your prenuptial agreement should outline who will pay any debts brought into the marriage or those accrued after the wedding. This makes sure that one partner doesn’t get stuck with the other’s debts.
- Inheritance and Family Gifts:
It is a way to shield assets that have been given as an inheritance or gift from the family, making sure they stay with the person it was intended for if your marriage comes to an end.
- Spousal Maintenance:
These contracts can address both alimony (spousal maintenance) in terms of whether it will be paid, how much and for how long. But at the end of the day, these terms are controlled by court and can be excused entirely if they represent an unfair imposition.
- Business Interests:
In the event that one or both spouses have a business, it can be important in a prenup to specify how the business itself or its value will be addressed upon divorce.
What You Can’t Include
- Child Custody or Support:
However, the law is clear that prenups cannot govern child-related matters such as custody or support. Ultimately a court will always side with what is in the best interest of a child, regardless of any parental agreement.
- Unfair or Illegal Terms:
A clause that is not fair, legal or waives rights will be unenforceable.
- Day-to-Day Matters:
Prenups are not for creating rules on who has to do household chores, what people have to eat or even that they aren’t allowed to say curse words around their partner. These are not legally binding.
Prenuptial agreements are strong shields for preserving assets, and avoiding ambiguity in financial responsibilities but they do have limitations. A prenup must be fair, reasonable and financial in nature to serve as an effective tool. Before committing to an agreement, you should consult with a legal professional that ideally is not aligned with either one of the couple.