Previously seen as the preserve of the very wealthy, now couples with modest wealth are often deciding to enter into a Prenuptial agreement.
Whilst Pre and Postnuptial agreements are historically not seen as being very romantic, we have slowly seen society’s attitudes changing towards these types of agreements in recent years.
If approached in the right manner an agreement can help address some of the tricky issues early rather than put them off. If agreed, the major benefit of a Pre or Postnuptial agreement is that it can help create a degree of certainty and reduce legal costs if you were to separate in the future. Of course, it is hoped that the agreement is never needed.
Whilst not strictly binding the Courts have shown more willingness to hold the parties to their agreement provided that they are fair and provide for the parties needs in an appropriate manner. If the agreements fail to do so, then they may be open to challenge at a later date in the Courts.
We are undertaking more of this type of work for not only high net worth individuals but also couples with modest wealth, particularly if one of the parties may inherent substantial wealth at some point in the future.
If you are considering entering into a Prenuptial Agreement or a Civil Partnership Agreement, we cannot recommend highly enough the importance of addressing it at an early stage to enable both parties to take legal advice. It is far better to have the agreement signed and finalised in good time rather than leaving it to the last minute.