Covid has rewritten the rules on how people plan their weddings, including the time it takes to organise the day. This has created a danger that they miss out on some basics, such as a prenup
According to those who work in the wedding industry, Covid has brought seismic change to how people plan their weddings. We’re not going to tell you about new trends on wedding colour schemes or bridal fashion, but we are going to comment on one trend with legal ramifications: faster-paced wedding planning. Couples are seizing the moment and organising their day quickly – especially if they have had to postpone or revise their plans during lockdown.
Why does this matter?
A hastily arranged ceremony may mean couples overlooking some of the more prosaic elements of entering a marriage or civil partnership. In particular, thinking about their finances.
"Prenups can be very simple to draw up and aren’t only for the rich. "
Many couples will bring their own assets to the marriage, including investments they acquired with money they saved or inherited during lockdown, and they should consider a prenuptial agreement to protect these.
Prenups: the big questions answered
What is a prenuptial agreement?
More often referred to as a ‘prenup’, it allows couples to determine how their property would be dealt with if they were to split up.
Why would you make one?
If your marriage / civil partnership breaks down, your assets could be put in the ‘matrimonial pot’ when the financial settlement is determined. With a prenup, you agree that certain assets could be excluded from that pot.
Are they legally binding?
In Scotland, yes, if both parties understand the terms of the agreement and it is fair and reasonable at the time it is entered.
Aren’t they unromantic?
No. With clarity over financial arrangements and the ‘what ifs’, you can avoid uncertainty or strain, for family members as well as yourselves.
What if you don’t make one?
It’s not too late. A postnuptial agreement is similar to a prenup but made after marriage or civil partnership.
How do you make one?
Prenups can be very simple to draw up and aren’t only for the rich. In order to get one that is (a) legally binding, (b) aligned to the law in Scotland (as opposed to England or Wales or elsewhere), and (c) appropriate to your own situation, it’s advisable to get help from a lawyer rather than try online or DIY versions.
