PRE-NUPTIAL AGREEMENTS

No one expects their house to burn down, yet all, except the brave and the foolhardy, take out insurance to cover the risks.

Similarly more and more people are entering into pre-nuptial agreements setting out their requirements should their marriage end by divorce.  The sorting out of finances pre-marriage can be just as exciting as the Stag/Hen Party but without the alcohol.

Pre-nuptial agreements are not presently binding on any divorce Court but if the agreement is done correctly then the Court is likely to uphold any agreement freely entered into.

The first point is the timing.   The closer to the marriage ceremony the agreement is signed the less likely the Court would be to uphold it.  It is no good getting the future bride to sign at the church door before walking up the aisle.  The ideal timing is four to eight weeks before the wedding.

Both parties must enter into the Agreement freely and voluntarily and each must have had the benefit of independent legal advice.  It is good practice for the agreement to be signed by the parties in the presence of their respective solicitors.  There must be a full disclosure of finances.   Without that the Deed will not be worth the paper it is written on.   Ideally the Deed should deal with how the assets held at the time of marriage are to be divided on breakdown and how future assets are to be divided. Ladies who wish to make minimal claims are unlikely to be held to their agreement should children come along.

What is absolutely clear is that the cost of a pre-nuptial agreement is far less than the costs which would be incurred in a contest in the divorce Court.

The most difficult step in the process is raising the issue with the other party.   Once that particular nettle has been grasped then the rest is easy.

August 2010

Pre Nuptial Agreements.........the law is developing quickly. A case titled NG v KR has recently been considered by a distinquished judge.  Her judgment runs to 50 pages. Legal advice is essential and if done properly can save a large sum of money in legal costs in any future divorce.

10/3/2009