When two people get married they may wish to decide what would happen should their marriage not work out.
This is done by signing a pre-nuptial agreement. Pre-Nuptial Agreements and Post-Nuptial Agreements are becoming far more prevalent. Following recent case law Pre and Post Nuptual Agreements are taken into account more and more by Courts.
Often, when parties marry, one party to the marriage can be in a far better financial position than the other.
Should a marriage later end in divorce the starting point through a Divorce Court is an equal split of assets and pensions. Obviously, this is dependent on the length of the marriage and other factors. In order to protect assets brought into the marriage by either party then it is always better for a Pre-Nuptial Agreement to be entered into before marriage.
Pre-Nuptial Agreements deal with not only premarital property but also property and other assets acquired during the marriage. This could be by way of gift or inheritance and can safeguard those assets against a claim in the event of divorce. They can also reduce time, expense and bitterness when dealing your divorce should the relationship breakdown.
Advice will be given on the most effective way of ensuring the Agreement will be binding on a Court in any subsequent proceedings, such as including a review clause in the Agreement.
What is important to note is that the Agreement has to be fair and reasonable to have any chance of it being upheld by a Court. If the property owned by one party becomes the family home then provision needs to be considered to meet the needs of the other party in the event of separation.
Obviously each case goes on its own facts. Advice needs to be obtained in each individual case to make sure your agreement is legally binding.
Our specialist family solicitor can advise on how best to deal with these issues. They will ensure the agreement covers all the various principles the Court will consider. An initial discussion is available to assess your situation and we will recommend the action you should take.
If you would like to discuss your situation then please contact our family department by email or telephone on 01202 551863.