Pre-nuptial agreements are becoming more popular in the UK. Are you considering entering into one? Learn 3 key facts you should know before signing.

In broad strokes, pre-nuptial agreements are a kind of marriage insurance – a way of protecting your assets, time and well-being in the event of divorce or dissolution.

But unlike car and home insurance, you can't visit a comparison website and buy a policy off the shelf. Prenups are more complicated than that. Not only do they require professional legal advice, but all parties must enter into the agreement with a full understanding of the facts too.

So let's cover some of the most important facts, myths and misconceptions about prenups. If you're considering a pre-nuptial agreement, these truths might help you come to a decision.

Pre-nuptial agreements: the facts

1. Prenups are not legally binding in England and Wales

This is where real-life pre-nuptial agreements most differ from their silver-screen counterparts.

That's because Hollywood screenwriters largely base their portrayals on US law. In the States, prenups are legally binding if drawn up and executed properly.

In England and Wales, however, prenups are not legally binding documents.

So, what's the point? Well, pre-nuptial agreements might not be strictly legally binding, but they can – and often do – influence court decisions regarding the division of assets after divorce.

From a purely practical point of view, it's always better to have a prenup to fall back on should the marriage fail. But for a prenup to be recognised and upheld by the court, it has to meet certain criteria.

The court will consider:

• How the couple entered into the agreement
• Whether the couple received professional legal advice before signing
• Whether both parties understood the agreement and entered into it without coercion
• Whether the agreement was reviewed to reflect changing circumstances
• When the agreement was made (it should be signed at least 28 days before the wedding)

In Scotland – as is often the case – things are a little different. There, pre-nuptial agreements usually are seen as being legally enforceable.

2. Prenups are not a "one-and-done" deal

A pre-nuptial agreement is a living document. It should be regularly updated to reflect the changing circumstances of your marriage and your wealth.

How regularly? It varies from couple to couple, but a sensible average is every five years.

If you don't update your prenup, you risk diluting its chances of being upheld in court. After all, if one spouse has received a hefty inheritance since the agreement was signed, it somewhat changes the balance of assets on which it was drawn up.

Pre-nuptial agreements should also be updated to factor in major life events, such as the birth of a child.

3. Prenups are not the only type of marital property agreement

To have the best chance in court, a pre-nuptial agreement should be signed at least 28 days before the wedding. Ideally, couples should start discussing the particulars of a prenup at least three to four months before exchanging vows.

This is to avoid duress. If a prenup was drawn up with mere days to spare, it's easy for one side of the couple to argue that they were coerced into signing – or entered the agreement without all the facts.

So, what should you do if you want a pre-nuptial agreement but you've left it a little late?

One option is the prenup's lesser-known cousin: the post-nuptial agreement, or postnup.

A postnup is, more or less, a prenup made after the "nup". It serves the same purpose and is not strictly legally binding.

However, postnups may be more likely to succeed in court. This is because questions of coercion are less likely to be raised.

Technically speaking, any revisions to a pre-nuptial agreement are, in fact, post-nuptial agreements, since they're drawn up after the wedding has taken place.

Finally, there are separation agreements.

As the name suggests, these are contracts that set out arrangements for separating couples. They often cover things like finances, property and living arrangements for children.

Married couples often make separation agreements when they know they want to separate but are not sure whether they're ready to divorce. However, they're also made by unmarried cohabiting couples, who don't enjoy the same legal protections as married partners.

Like pre- and post-nuptial agreements, separation agreements are not strictly legally binding but can be upheld in court – especially if it's written by a qualified family solicitor.

Milners is a trusted law firm based in Yorkshire, UK. Are you looking for legal help to draw up a pre- or post-nuptial agreement? Our family law experts pride themselves on offering practical, no-nonsense support and jargon-free advice. Feel free to get in touch for a free initial consultation.