If life can be said to be a journey, marriage is the point that two people choose to travel along the same path together. Some spouses reach this point having already built a business empire, made fruitful investments, and had children. Therefore, while wedlock might be a time to focus on the road stretching out ahead, it’s often just as important to also keep an eye in the rearview mirror, on what came before.
If your shared voyage has already begun, it’s wise to ask, “Can you get a prenuptial agreement after marriage?” After all, ever-increasing numbers of spouses are using this type of contract to protect the assets they’ve brought with them, preserve family legacies, and resolve future needs. Think of it as the map you might need one day to make the end of the journey easier to navigate. While prenups themselves are proactive measures that must be entered into in good time, there are other alternatives that can help you to achieve the same positive outcome.
In this guide, we’ll walk you through the essentials of nuptial agreements, outlining how they can safeguard your financial future and protect what matters most.
What is a Prenuptial Marriage Agreement?
A prenuptial agreement is a contract signed by both parties before marriage. It details how assets and debts will be divided in the event of divorce, giving both spouses a sense of clarity. They are increasingly common when there is an imbalance of assets, as they can provide protection for the likes of inheritance, business interests, and properties.
Because every relationship is unique, the contents of a prenuptial agreement will vary from one couple to the next. However, in general, this kind of document can:
- Outline what happens to an inheritance you’ve earmarked for children from a previous relationship.
- Protect an inheritance that a spouse is expecting to receive in the future.
- Detail how all of your shared assets will be divided if you choose to separate.
- Safeguard ownership of a business that had been built before the relationship began.
- Ensure that each party’s debts remain their sole responsibility.
Aside from being extremely useful for relationships in which one partner owns more assets than the other, prenuptial agreements hold potential value for a wide range of other relationship types. These include couples marrying later in life and landowners who wish to preserve their financial legacy for future generations.
But can you get a prenuptial agreement after marriage?
Can You Get a Prenuptial Agreement After Marriage?
It’s critical to understand that a prenuptial agreement must be entered into before marriage. Legally, the contract must be signed at least 28 days before the ceremony takes place, to allow adequate time for it to be discussed and then drafted. If the document isn’t signed within this timescale, it may be unenforceable.
There are other factors that need to be understood by anyone wondering if you can get a prenuptial agreement after marriage. Aside from the strict time frame, the surrounding legal criteria for prenups is also fairly robust. In effect, the document is only likely to be upheld by a family court when:
- Both sides have provided full financial disclosure.
- Each spouse received independent legal advice before making their decision.
- Neither party was coerced into the agreement against their will.
- The agreement is fair and reasonable to all parties.
The final point is especially pertinent, as it essentially states that the prenup can be discounted if the courts don’t think it will meet everyone’s financial needs. As is largely the case with divorce and separation, the wellbeing of children remains a fundamental part of the equation.
Now we’ve answered the question, “Can you get a prenuptial agreement after marriage?” let’s explore the popular alternative — the postnuptial agreement.
Postnuptial Agreement: Definition
A postnuptial agreement is essentially the same type of agreement as a prenup, the only difference being that it’s entered into when the marriage or civil partnership has already started. It serves the same purpose as a prenup, giving both parties a chance to document the likes of asset division and child arrangements should the relationship break down.
Like prenups, there is a common misconception that postnups are only useful in high net worth (HNW) relationships. It’s not difficult to see why, as they do promise enhanced protection for HNW features such as foreign properties, business interests, and other valuable investments. However, this versatile document offers benefits for a broad range of relationship types, as they can address more conventional questions, including what happens post-separation to the family home, joint and individual debts, and child arrangements.
It’s important for anyone considering entering into this type of agreement to first speak to a family lawyer. Aside from being a legal requirement, this will give you the best possible chance of safeguarding everything that matters most, and securing your finances for the long-term.
Are Postnuptial Agreements Legally-Binding?
Although postnuptial agreements are not technically legally-binding in the UK, they can still carry considerable weight. The criteria for this type of contract mirrors that of prenups: as long as your agreement was entered into following legal advice, with both parties satisfying the need for full disclosure, and without coercion, it’s likely that the courts will take it into account.
However, it’s worth noting that the courts are not obliged to follow the terms set out in the agreement to the letter. In English and Welsh law, the overriding principle in divorce is fairness — especially when it comes to the welfare of children. Therefore, if the relationship has lasted for a long time, and the terms of the prenup have become outdated, it might be amended, or even rejected.
The length of the relationship is just one factor that may influence a postnup’s credibility. Not only does the financial picture within a marriage tend to shift over time, making previous agreements redundant, but finances might also be seen to have ‘mingled’. This means that making a clear distinction between what each spouse owns can be more challenging following longer marriages.
Simplify Your Journey with Lowry Legal
Having revealed the options for partners asking, “Can you get a prenuptial agreement after marriage?” you’re no doubt ready to take your next steps. Regardless of the particulars of your relationship, this kind of contract is a versatile way of clarifying how finances will be tackled if the marriage should break down. Legal guidance is a vital early step, as it ensures that nothing is left to chance and everything that matters is given full consideration.
As a leader in high net worth separations, Lowry Legal excels at providing reliable guidance that gets results. Whatever your objectives, we’ll take the time to understand what makes you tick before devising the best strategy to achieve your goals. We realise that these decisions can be challenging, so we’ll speak plainly about your case and relay your options in clear, simple terms.
Contact us today to arrange a free consultation.
