WHY SHOULD WE GET
A PRE-NUPTIAL AGREEMENT?
Traditionally the Courts would not recognise a pre-nup (as they are known). However, after a landmark case, the courts are now more likely to do so, explains Nicola Rushton, family lawyer at Farleys Solicitors
There is currently new legislation going through the process of becoming law. It’s in the early stages but, if made could see pre-nups and post-nups (made after marriage) become binding on the parties if they are entered into correctly.
There are, of course, advantages in that both couples know what they do with their assets should they find their marriage at an end – it avoids any uncertainty and litigation.
Pre-Marital Agreements
In order for a pre-marital agreement to have any standing in a subsequent divorce it is important that the following guidelines are adhered to:
1. Each party should have independent legal advice.
2. Full financial disclosure should take place – this means that each solicitor should be given the complete picture in respect of your assets, income and debts, and this information shall subsequently be exchanged between solicitors.
3. Pre-nuptial agreements should preferably be completed three months before the wedding. The sooner the better, but if there is a whirlwind courtship or the matter is overlooked, it is best to complete a late pre-nuptial agreement than none at all.
4. No undue influence should be exerted. If one party is pressured into signing then this is a relevant factor, which will be taken into account later if the marriage fails.
The pre-nuptial agreement is designed to include an analysis of all the parties’ assets and income, how they are owned and how future ownership is intended. For example:
1. How the property will be divided.
2. How bank accounts will be divided.
3. How shares and other assets of value will be divided.
4.Which assets are owned jointly, which are owned solely and by whom, and how will these assets be dealt with following the relationship breakdown?
5. Maintenance – whether one party will pay maintenance to the other and if so, how much and for how long.
6. How any children should be provided for?
The agreement can contain many provisions to protect both spouses, and of course should be fair and reasonable.
They are becoming popular amongst people entering into a second marriage as some spouses wish to ensure their pre-marital assets are preserved without claim from their new spouse for their children of a previous relationship.
If you have any queries regarding pre–marital agreements and wish to discuss the matter further, please contact Farleys Solicitors on 01254 368040 or email: info@farleys.com
