A prenuptial agreement or a ‘pre-nup’ is an agreement that is entered into before a couple are married. The agreement sets out how assets will be divided in the event of a marriage breakdown.
Pre-nups may not be considered as the most romantic of issues to discuss just after your engagement but they are being entered more and more by couples who have inherited assets. For example, those for whom it is their second marriage or a marriage later in life when wealth has already been accumulated may want to consider a pre-nup.
To date, pre-nuptial agreements are not legally binding, however, the law in this area is developing quickly. These agreements are becoming more and more relevant and provided that certain criteria are satisfied, the court should usually give effect to them.
The criteria is as follows:
The terms are fair
The agreement is entered into freely
There is full and frank disclosure of each party’s assets and income positions
Each party understands the agreement and has had independent legal advice in relation to it
The agreement is signed at least 28 days before the wedding (the earlier the better)
Pre-nups are complicated documents which need to be expertly drafted as they are your insurance policy if things go sadly wrong. I have the knowledge and experience to help with this.
Please contact me for further information and advice.