Prenuptial Agreements

PRENUPTIAL

AGREEMENTS

It’s a sad fact of life that some marriages or civil partnerships don’t go the distance, so Peter d’Aguilar has been investigating the role of the prenuptial agreement and offers his thoughts on the topic

When a couple falls in love, and life is all moons, Junes, and Ferris wheels, the idea of a prenuptial agreement is probably the last thing on their minds. If one party were even to broach the subject in an insensitive way, it could become a self-fulfilling prophecy. Nevertheless, viewed dispassionately, a ‘prenup’ could save a great deal of money and heartache if the marriage or civil partnership should sadly hit the rocks at some stage in the future.

So, what exactly is a prenuptial agreement? It’s a contract entered into by both partners before they marry or form a civil partnership. Its aim is to identify ownership of each partner’s assets in case the relationship fails and comes to an end. While its main purpose is to set out who gets what, it also includes other important elements.

Its aim is to identify ownership of each partner’s assets

Most newsworthy prenup stories involve the rich and famous, but this kind of agreement is relevant to every legally joined couple that possess any form of assets. Often there is a disparity in the respective wealth of the two partners. The prenup can protect the wealthier partner from losing a disproportionate amount in an equalsplit settlement. This applies both to existing assets and also prospective future earnings and inheritance. In the event of re-marriage or new civil partnership, a prenup can ensure that money earmarked for offspring is not diluted.

The legal aspect of a prenup can be a potential minefield. Technically, prenups are not legally enforceable in Britain. Nevertheless, as long as the original agreement has been drawn up correctly and ratified by independent legal advisers on both sides, judges normally take them into account when dividing assets fairly. It is therefore essential to make sure a prenuptial agreement is put together correctly and fairly, without coercion or bias in favour of either party. This means that all assets and liabilities should be disclosed in full, with the voluntary agreement of both partners.

The main essentials of a prenup are that the agreement must be fair, contractually valid and freely entered It is possible to draw up a postnuptial agreement or make mutually agreed legal alterations to the prenup

into. A prenup must be made at least twenty-eight days before the union and both parties need to understand the implications and receive separate independent legal advice. There should be full and honest disclosure about all financial circumstances. It should not be unfair or discriminatory towards any children and the needs of both parties must be met.

A time frame can be set, otherwise the agreement will continue in perpetuity – unless formally revoked at some point in the future. The assets that should be covered include the family home and any other properties, personal belongings, all financial assets (including savings, pensions and business assets), debts, plus any future inheritance scenarios.

Once the union has taken place, it is possible to draw up a postnuptial agreement or make mutually agreed legal alterations to the prenup, to reflect any subsequent changes in circumstances. It can also be helpful to seek independent mediation when first discussing the agreement, as some aspects may be sensitive.

Just as taking out a home insurance policy does not mean that your house is definitely going to burn down, a prenup does not increase the likelihood of divorce or the end of a civil partnership. In some ways, it could help to remove a potential point of contention in a union by knowing that, if the worst does come to the worst, the process of separation will probably be less prolonged, acrimonious and expensive.

The cost of a prenup can vary greatly, depending on the variety and complexity of the assets to be divided. Prices range from a few hundred pounds to a few thousand. As always, it is best to seek advice, shop around and use a specialist to draw up the agreement. l

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Rustington Hall is a not-for-profit charitable organisation, run by Littlehampton and Rustington Housing Society. It is a dualmeditation/prayer room. When the weather allows, residents enjoy sitting outside in the communal grounds, which include secluded registered nursing and care home, meaning that as a residents’ needs change from caring to nursing, their environment does not need to change. We cater for all needs, from respite to long-term, and provide a friendly home-from‘ ‘ Littlehampton & Rustington Housing Society is a not-for-profit charitable organisation, providing quality care and housing solutions since 1948 home for up to 61 residents. We have a carefully selected team here who are all devoted to making sure that our residents are at the forefront of everything we do. We are very proud of who we are and what we represent, in working together to provide a community for residents and their families alike. Wellbeing of our residents is such an important part of our residents stay and it is vital that all our residents have a sense of this. Our wellbeing team love to engage and get to know our residents by offering a huge variety of entertainment and activities. We have an extensive programme of activities including quizzes, film afternoons, games, and a range of animal visitors! We also have monthly themed events, which the residents love participating in, such as Ascot Day, Mad Hatters Tea Party, Masquerade Ball and Country & Western Day, to name a few. For those that stay in their rooms, we have a trolley that travels around the Home, offering puzzles, books, colouring and games. The carers provide one-to-one interaction, including using our incredible Omni-projector that is indescribable… it needs to be seen to be appreciated! Our large, modern lounge leads onto a wheelchair-friendly decking area. We also have a dedicated activities suite, quiet lounge, and gardens, courtyard, terraces, verandas and a spacious wooden gazebo. In the latest CQC report, Rustington Hall nursing & care home achieved Good overall, with Outstanding in Responsiveness. The CQC inspectors, who visited in April 2021, noted: “Without exception, everyone we spoke with talked about the fantastic care they received at Rustington Hall. Everyone was happy to be living there and spoke positively about all aspects of the service.” The report also praises staff, saying they “had excellent knowledge of people and there was a focus on the individual and on tailoring care and providing activities which were meaningful to them”. “Relatives spoke of the incredible support they had received from staff and of the wonderful photos and videos they received of their loved one.” So, if you are looking for quality residential or nursing care for yourself or a loved one, call Rustington Hall Nursing and Care Home on 01903 777501 or email reception@rustingtonhall.co.uk