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When do I need to make one?
Some of the most common reasons for making a prenup include:
- You have substantial wealth and assets that you wish to protect.
- You run a business and want to ensure its future is protected.
- Your partner has accumulated significant debts.
- You have children from a previous relationship and want to ring-fence assets for them.
- You are marrying someone from abroad and want to be protected from financial awards made in another legal jurisdiction.
People don’t have to be a multi-millionaire to want a prenup. Some people want a prenup to protect themselves from their partner’s debt or to ensure they get a sentimental family heirloom. An example of an hierloom is a signant ring that’s been passed down generations.
How to get a prenup?
To make a valid prenup in the UK, you must ensure you meet all of the following safeguards:
- The prenup is made at least 28 days before marriage.
- Each party received independent legal advice on the agreement before the signing.
- Neither party hid any of their assets in their financial disclosure.
- There are no significant changes, which outdate the agreement. For example, the birth of any children.
- The agreement is fair to both parties. The division of assets isn’t weighted in one parties favour.
- Regular reviews and amendments are made to the prenup to keep both parties’ requirements up to date. It has become common for couples to include reviews of the agreement at agreed periods during the marriage to ensure a higher likelihood of the prenup holding up in court.
If all these safeguards are met, the court is more likely to consider the agreement.