As we are well aware, the Covid-19 pandemic has taken a toll on most of us and has meant that many have had to put a pause on events such as weddings.
A prenuptial agreement (prenup) is a document prepared prior to a marriage that helps couples settle any financial claims made against one another in the event that they separate and divorce.
For the avoidance of doubt, a postnuptial agreement (postnup) is the same although this is prepared after the marriage.
Validity?
But what happens if your prenup is good to go but then your wedding is postponed? Is your prenup still valid?
You should always take legal advice in that respect to ensure that your prenup has been correctly drafted, however, the prenup should factor in the possibility of a delay and drafted on the basis that the marriage itself will take place between 6 to 12 months of the document being signed. If you marry outside of any time frame referred to within your prenup, then you should immediately take legal advice.
Financial Circumstances?
Another big factor which many have come across since the pandemic is the change in financial situations – some situations being worse than others.
Prior to the drafting of the prenup, there should be an exchange of financial disclosure so that both parties and their legal advisors are aware of the financial position of each other.
There may have been a substantial change in financial circumstances – furloughing, unemployment and so on – and so, your prenup may not now reflect the current position.
If that is the case, you should review your prenup and take legal advice in relation to the options of amending the terms in the agreement with your spouse.
Whilst some may say that prenups and postnups are not necessarily the most romantic things to do before tying the knot (or shortly thereafter), it can be seen as protection for either party or both.
Due to the strains caused by the Covid-19 pandemic, it would not be surprising if people now want to protect themselves as much as possible. An example may be when you live in a home and, whilst you do not think that anything will go wrong, you obtain insurance to protect yourself… just in case.
The information provided in this article is not intended to constitute legal advice and you should take full and comprehensive legal advice on your individual circumstances by a fully qualified Solicitor before you embark on any course of action.
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