If you are engaged, or thinking about getting married, then you may be considering entering into a prenuptial agreement. A nuptial agreement is an agreement between you and your future spouse that deals with the division of your assets in the event of divorce. The agreement can provide certainty upon divorce and potentially reduce the amount of arguing and contentious legal correspondence.
A prenuptial agreement should be drawn up and signed prior to the wedding day. You can still enter into something called a post nuptial agreement if you are recently married and didn’t get round to having a prenuptial agreement drawn up.
The idea of a nuptial agreement can be difficult to broach with your future spouse and requires both parties to give full financial disclosure to one another. It will require you both to have frank and potentially uncomfortable discussions and it is important to ensure that you are understanding of each other’s expectations and values.
The agreement can include any assets you want including property assets, inheritance and savings. The agreement can deal with assets acquired by each of you prior to the marriage and also what will happen to assets that you then accrue during the marriage. The agreement can also provide for how assets are to be held and managed during the marriage.
Whilst nuptial agreements are not legally binding in England and Wales, they are taken into consideration by the Family Court. If the agreement is freely entered into, with a full understanding of the implications then it is more likely to be upheld. Whilst there is currently not law which sets out how a prenuptial agreement should be constructed, the Law Commission has made proposals to give greater legal recognition to prenuptial agreements. This includes both parties taking independent legal advice on the terms of the agreement.
If you would like further advice on Prenuptial Agreements then please contact Tim Goodfellow on 01243 790532 or email firstname.lastname@example.org.
This blog is for information purposes only and should not be interpreted as legal advice.