One of the biggest industries to suffer during the Covid-19 pandemic has been the wedding industry. Although at times weddings in some form have been permitted to go ahead with much reduced numbers, the majority of couples have had their big day postponed. But what does that mean for any prenups entered into leading up to the “I dos”?
Prenups, or prenuptial agreements, are documents entered into in anticipation of marriage or civil partnership. They set out the financial relationship between the parties and are more commonly used where one party has assets or financial interests that they wish to keep outside of the matrimonial pot, such as inheritance or an investment. Whilst prenups are not legally binding in the UK, as long as various conditions and requirements are met, the agreement will carry significant weight in the eyes of the law and it is intended to avoid the need for court intervention altogether.
Some of the requirements include signing the agreement in good time for the wedding or civil partnership (no less than 28 days) and that the parties have disclosed their financial positions to the other. If the union is postponed, the financial disclosure may be inaccurate and the date detailed in the agreement passed by. In those circumstances it is important that the agreement is updated and executed properly before the big day and updating financial information exchanged. If the agreement states that the wedding or civil partnership will be in 6 or 12 months, and the financial position unchanged, this is unlikely to be an issue.
If you have any questions or concerns about your prenuptial agreement, or want to know more about prenups generally, please contact us on 0345 646 0406 or fill in our online enquiry form and a member of our Team will be in touch.