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prenuptial agreement(6 Posts)
I am planning to get married and my partner and I have have both agreed for a prenup. I have been a saver and have more than double amount of assets in savings and my home as well as a good pension. He has not been a saver as such or taken advantage of the housing boom and only whilst meeting bought his place. We are both in our 40s and I think it is wise to get a prenup . I know they are not fully legally binding in the UK however even in love I think you need to be pragmatic. We will live in my place but I want to safeguard all my assets including my house and only assets jointly owned to be shared assets. Does anyone have any recommendations regarding prenuptial agreements - we are London based but happy to go outside London as I know legal costs in the capital are huge. Also I came across the standard prenuptial agreement and the confidential agreement - is anyone knowledgeable about this.?
I agree that there are some very good regional firms who can do the work for less that what you would pay in London. For example, the family team at Mills and Reeve in Cambridge are very good (although they are hardly cheap). Rather than listing all the potential good firms (there are so many), I would suggest that you look at www.legal500.com or www.chambersandpartners.com, which are legal directories, listing the top ranked firms according to region. You can also use it to find a solicitor for your partner, who will need his own legal advice.
OP, if you get chance will you update when you've finalised everything?
A couple of days ago my fiance hit me with the announcement that he wants us to do pre-nups. I'm completely taken aback by this, I guess I'm not at all pragmatic and am actually feeling quite hurt that he feels the need to do this.
I have no idea where to look for a solicitor to advise me, will be interested to hear how you get on.
Hi thanks for your responses. I think I will look into Mills and Reeve as they are convenient for me.
I think the prenuptial agreement is getting more popular and don't personally feel that people should get upset by it- my fiancé is surprised but we are both in our 40s its different if you meet when younger with minimal assets and grow together. I am probably a bit of a role reversal as the woman asking the man for it but I have worked very hard for what I have and if the unfortunate thing of separation and divorce happens I don't want to suffer heartache as well as financial ruin. I actually don't understand the courts in the UK or many other countries and don't particularly feel its fair to take 50-60% of wealth from someone else just for being married to them if you haven't invested with them (this is in the case of no children being involved- obviously if you have children together it should be different) . I don't think there should be a sex difference either way but certainly I don't think I love him less but I have heard of people earning less and not working and deeming themselves unemployed so as to get money from their ex partners. Divorce whether you like it or not brings the worst out in people and I think you have to be pragmatic even in the throws of love! which I am - and luckily we have had an open discussion. Its now 2016 and we are quite different from women in the 1950s hence different approaches are necessary .
I will let you know how I get on
Pre-nups are not legally binding although the shorter the length of the marriage the more "binding" a pre-nup is. Once you have been married for, say, five years the pre-nup is not so effective, with the "pot" more likely to be considered as joint assets.
Also, I was advised (during a "free" half hour consultation) that even if one partner had brought most of the assets to the pot, that the court would not award the asset-rich partner all that was put in if it left the asset-poor partner destitute. The court would insist the asset-poor partner has the means to live a life something close to that to which they had become accustomed, which could mean the asset-rich partner having to contribute towards the purchase of another property and/or living expenses. In other words, the pre-nup is worthless if your partner cannot live comfortably alone without support.
Hopefully the law will change in respect of pre-nups in the future, but it is certainly not a guarantee of protecting your hard-earned assets.
Kingsley Napley also has a number of lawyers in their Family department who have experience with pre nuptial agreements.
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