Pre-Nuptial Agreements
Currently around 50% of marriages now end in divorce.
What is a Pre-Nuptial Agreement?A Pre-Nuptial Agreement is a document which sets out what you and your future spouse or civil partner agree should happen in relation to your finances if your relationship breaks down and you separate.
Pre-Nuptial Agreements can provide a means of protecting pre-marriage assets, inheritance, and existing family commitments such as children from a previous marriage. Legally, once married all of these assets become matrimonial assets and, unless specifically protected, are thrown into a single financial pot. Anyone contemplating marriage should consider whether they need one.
Are Pre-Nuptial Agreements binding?You should know at the outset that although they are now much more common, Pre-Nuptial Agreements are not certain to be legally binding. However, the courts do take them into consideration, providing that there have been no significant events such as the birth of children of the family or serious illness, and they meet the following criteria:
- Each of you has had independent legal advice;
- Both of you have made full and frank disclosure of your financial position to each other;
- There has been no pressure on either of you to enter into the Pre-Nuptial Agreement. Therefore generally you need to enter into the Agreement at least 21 days before your marriage or civil partnership.
In the event of your separation, the Court must consider all the circumstances of the case and decide on what is a fair outcome. So although it is up to the Court’s discretion to take the Agreement into account, our experience shows that Pre-Nuptial Agreements are becoming much more relevant to the decisions made. At least a Pre-Nuptial Agreement acts as a starting point, particularly if the circumstances haven’t changed dramatically, or if the marriage is short. Furthermore there has been recent ground breaking court decisions which suggest that Pre-Nuptial Agreements will be taken on face value as long as certain criteria has been met. There will therfore undoubtedly be a significant increase in these Agreements over the coming years.
How do I obtain a Pre-Nuptial Agreement?We offer a Fixed Fee Pre-Nuptial Agreement.
Please contact David Chapman on 0161 439 1845 or at d.chapman@halesolicitors.co.uk
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