Can a Prenuptial Contract Give You Security? - By: Tim Bishop

In life many of us search for security, either for ourselves or our families and loved ones. To provide for our loved ones following our deaths, we take out life insurance. We take out income protection to ward off financial disaster should we lose our jobs. And there is also a way to protect our financial well being should we become divorced - the prenuptial contract (or prenup).

A prenuptial agreement has to be made prior to the wedding day. It is also advisable it is signed no later than 21 days to the wedding, lest it be decreed by the courts that one of the couple was "forced" to sign while under duress.

The concept of the prenup is that it protects the assets that the couple took individually into the relationship. This offers security to those who may have taken the biggest amount of wealth and property into relationship. Whereas ordinarily the assets would be split equally following a divorce, the one taking in the majority of them into the marriage would retain them.

Any assets acquired during the marriage will also be accounted if the event of a divorce. The prenup can state that those producing the largest amount of wealth can hold onto it if the marriage ends.

A prenup can take into account any children one of the parties take into the marriage. The prenuptial contract can decide which of the children gets what should the couple divorce.

Although not strictly enforceable under English law, a prenuptial agreement gives the court some idea of how the personal assets should be divided in the case of a divorce and offers a certain level of security. Nevertheless, looking at the recent publicised case of Radmacher, it shows that although unenforceable, the English courts are considering the content of a prenup more and more. Because of this legal uncertainty it is essential that prenups are drawn up correctly in order not to be thrown out by the courts.

While there is no compulsion for a prenuptial contract to be drawn up with the aid of a solicitor, it is certainly most advisable. The solicitor will use his professional acumen to ensure that it has been drawn up properly, lessening its chances of ever being thrown out by the courts should either of the couple ever challenge it. The will make sure that the agreement follows the purpose for which it was intended - give the security of protected assets following a divorce.

About the Author

Tim Bishop is senior partner at Bonallack & Bishop, a firm of solicitors who deal with UK pre-nuptial contracts. If you need some advice about a UK prenuptial contract then contact them today. Tim is responsible for all major strategic decisions, seeing himself as a businessman who owns a law firm. Tim has expanded the firm by 1000% in 13 years and has plans for its continued development.

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