What is a pre-nup?

A prenuptial agreement is a formal and legally binding contract entered into by you and your future spouse before you get married. Within this agreement, both parties outline the terms that would govern the division of assets in the event of a divorce or separation.

Typically, it covers financial aspects such as property, money, and debts, but it can also encompass significant matters like children and the protection of any inherited funds received during the marriage.

What are the benefits of a pre-nup?

  1. Asset Protection: You can safeguard assets like inherited family properties or heirlooms, ensuring they remain designated for your children or other beneficiaries.
  2. Debt Protection: Including a debt clause can limit your liability for any outstanding debts your partner brings into the marriage, shielding your assets from potential creditors.
  3. Business Protection: A prenup can protect your business interests and future profits, preventing them from being subject to division in case of divorce.
  4. Time and Cost Savings: If you decided to separate down the line, having a predetermined plan for asset division can expedite the divorce process, saving both time and money associated with lengthy legal proceedings.
  5. Financial Transparency: It offers an opportunity for open and honest discussions about your financial situation as a couple, fostering mutual understanding and trust.
  6. Child Provision: You can make provisions for children from previous relationships, ensuring they are provided for in the event of divorce or separation, and clarifying their inheritance rights.

Can you write your own prenup?

For a prenuptial agreement to hold legal weight in the UK, both parties must seek independent legal advice before entering into the contract.
The process involves deciding how assets will be divided, obtaining independent legal advice, and engaging a solicitor to draft the contract. Once finalised, the agreement should include confirmation that both parties have received legal advice before signing, which should be documented alongside the prenuptial paperwork.

How much do prenups cost?

We offer your first meeting with one of our experienced family law solicitors at a fixed-fee which then allows us to provide you with an accurate idea of costs for further advice or legal work as required.
According to Co-op Legal Services, the average value of the assets included in prenup agreements is between £500k-£600k – so we strongly advise you consider drafting an agreement. Remember, that choosing the cheapest option may not be best option for you. A poorly drawn up prenup agreement could mean you end up paying costly legal fees if you do end up getting divorced.

How can Johnson Legal Family Law help me?

If you and your partner would like to draft a pre-nup before or after you get married, don’t hesitate to reach out to us for support. We can also draw up a pre-nup at short notice too.

We offer all our clients a free, 15-minute consultation call with one of our solicitors to determine how we can help. Call our office on 0131 622 8477 email [email protected] or submit your enquiry here https://www.edinburghfamilylaw.co.uk/contact/.