ONS data shows that in the period around 70% of marriages fall between the months of April and September. If you, a family member or friend are getting married this year and looking to enter into a pre-nuptial agreement in advance of that you should be instructing a solicitor now.
We say this because we are often instructed very late, in the immediate run up to the wedding and we see the additional strain that this places on clients. We totally understand how awkward and uncomfortable entering into a prenuptial agreement can feel and that it is far easier to busy yourself with the fun aspects of wedding but putting it off can really compound the stress in the run up to your wedding.
A pre nuptial agreement is one entered into between a couple in advance of their marriage or civil partnership which sets out how their assets will be treated and divided in the event of a breakdown of their marriage. The agreement might include what happens to properties, investments, inherited assets, businesses or trust assets.
Whilst in England it remains the case that these agreements are not legally binding on the parties they hold significant weight and have good prospects of being adhered to provided that the provision made under the agreement is fair and enables the parties financial needs to be met. For this reason, each agreement needs to be specifically designed to cater for each couples’ particular circumstances. This takes time to put together.
Likewise, you will both need to find and instruct solicitors which can take time. When drafting an agreement there will be lots for you to think about. We would be asking you a lot about your current financial circumstances but also how your lives may progress to ensure that the provision within the agreement may cover these particular scenarios. It may be that issues arise that you want to talk about with your partner, or even discuss with a third party advisor like an accountant. The advantage of engaging with the issue far in advance of your wedding is that it allows you thinking space and time. It should also enable the terms of the agreement to be discussed and the agreement finalised at least 28 days before your marriage in accordance with Law Commission guidance.
If you are considering entering into an agreement this year do give us a call for an initial chat on 0207 128 1301 or drop me an email at hannah.budd@bloombudd.co.uk.