Salvaging assets from a marriage
Wales’ brides-to-be are increasingly ready to sign a prenuptial agreement ahead of their vows, according to a family solicitor.
Jodi Winter, a partner at CJCH Solicitors specialising in family, matrimonial and childcare law, said the firm had seen a “definite increase” in engaged women entering into a prenuptial agreement before saying “I do” in recent years.
A prenuptial agreement is a formal written agreement both parties enter into ahead of the marriage, which details ownership of any property, assets and finances and outlines how they will be divided in the event of a divorce.
Ms Winter, who is based in the firm’s Barry office, said the influx of women consulting a solicitor could be attributed to people choosing to marry later in life.
She said: “At CJCH Solicitors we have seen a definite increase in women entering into prenuptial agreements.
“Historically, it was always men who looked into this ahead of the marriage, however that trend has definitely shifted and more women are looking to instigate this now.
“I think this comes down to the fact that they are getting married later in life, having pursued their careers and ensuring they are financially stable. As such, they want to ensure the property, assets and finances they have acquired are protected in the event of a divorce.”
Ms Winter, whose legal specialisms also include cohabitation agreements, said the firm had seen an increase in the number of both men and women in Wales entering into a prenuptial agreement ahead of their weddings.
She said that as women and men married later in life, they were more cautious about protecting themselves financially as they entered into marriage.
She added: “We see a lot of people getting married for the first time in their mid to late-30s now, who have got their own properties, business and other assets.
“Equally, there are a lot of more mature people entering into their second marriages, having already gone through divorce once.
“I think that age is a definite factor in the decision to enter into a prenuptial agreement and I think the gradual rise we have seen in drafting agreements can be linked with later marriages.”
Ms Winter outlined the top considerations for couples considering entering a prenuptial agreement ahead of their big day:
When start?
This should be carried out at least 28 days before the wedding to ensure all matters are resolved ahead of the ceremony. Allow as much time as possible to ensure all matters are thoroughly considered, negotiated and signed without any unnecessary pressure. should proceedings What does a prenuptial agreement protect? A prenuptial agreement can protect all aspects of both partner’s finances, assets and property which they acquired before getting married. It can also protect inherited assets, children’s inheritance, control over a business, and savings – as well as protecting one partner against the other’s debt.
What happens if you split without a prenuptial agreement in place?
Generally, assets are divided 50-50 between both parties in the event of a divorce that doesn’t involve a prenuptial agreement. However, if you feel there is likely to be a financial or asset imbalance and there are elements you’d like to protect, then it could be worth entering into a prenuptial agreement.
What’s the difference between a prenuptial agreement and a cohabitation agreement?
A prenuptial agreement is a formal written agreement both parties enter into ahead of a marriage, which outlines their individual entitlements in the event of a divorce. A cohabitation agreement is more specifically suited to couples who are living together but are unmarried. This also outlines issues including ownership of assets after a divorce, child arrangements and joint financial dealings.
However, couples who are intending to marry while living together would be advised to get a prenuptial agreement before the wedding, as it offers greater legal enforceability in the event of a separation.