More couples are considering wishing to protect their assets in the hopefully, unlikely event, of a future divorce are considering pre-nuptial agreements. They are more commonly used where one party has greater wealth particularly in second or subsequent marriages.
WHAT IS A PRENUPTIAL AGREEMENT?
A prenuptial agreement is a written agreement entered into by parties prior to their marriage or civil partnership, which sets out their intentions as to what will happen to their property and assets in the event that the marriage breaks down and they separate or get divorced.
Pre-nuptial agreements are not strictly legally binding in the event of a future divorce but they are legally persuasive and the Courts should give effect to a pre-nuptial agreement that is freely entered into by both parties, who understand the implications, unless it would be unfair to hold the parties to the agreement. In the case of Radmacher the Courts held that “…the rights of autonomous adults to govern their future financial relationship by agreement in an age when marriage is not generally regarded as a sacrament and divorce is a statistical commonplace”
WHAT CAN A PRENUPTIAL AGREEMENT INCLUDE?
A Pre-nuptial agreement is bespoke to the parties involved but can include what will happen to the family home, property brought into the marriage, monies held jointly or separately, personal belongings owned prior to, during, or after the marriage. They can set out how pensions will be dealt with upon divorce, whether there should be any maintenance payable and how to deal with debts.
HOW WE CAN HELP
We can offer you further advice and guidance on the advantages and disadvantages of pre-nuptial agreements and have experience in drafting pre-nuptial agreements and the requirements in order for them to carry greater weight should it be necessary to seek for them to be upheld.
If you are considering entering into a prenuptial agreement, or you have been asked to consider entering into one, then please contact us for further advice via email by calling 03301 333 862 or emailing