We all hope our marriage will last forever.
Unfortunately almost 50% of marriages now end in divorce. Both parties need to protect their financial position.
A pre-nuptial agreement offers protection.
It is a formal document which sets out what assets each party owns at the time of the marriage. It also sets out how assets and finances will be divided in the event of divorce or separation.
The court’s starting point
In deciding financial settlements, the Court’s starting point is a 50/50 split of all the assets.
It then considers a variety of factors in deciding whether to move from this position.
Pre-nuptial agreement important where…
Pre-nuptial agreements are therefore particularly important where:-
• One party has or is likely to have significant inheritance prospects
• One party has significantly greater capital or income than the other
• One party has a successful business that they would like to keep separate from personal finances
• One or both parties are entering into a second marriage and they wish to retain their previous divorce settlement
• One or both parties have children from a previous marriage and they wish to protect their children’s inheritance rights
Given significant weight by the Courts
Although pre-nuptial agreements are not legally-binding documents, since the landmark Supreme Court case of Radmacher v Granatino in 2010, the courts now give significant weight to them when assessing finances.
If it can be shown that both parties freely entered into the agreement and understood the implications of signing it at the time, then as long as it is not unfair to hold the other party to the agreement the courts should uphold it.
Pre-nuptial agreements must be drafted and dealt with carefully to ensure the Court have no reason not to uphold it.
How we can help
Wallace Robinson & Morgan Solicitors have the expertise to help draw up a pre-nuptial agreement that both you and your future spouse are happy with and one that the courts will uphold.
We will make sure that both of you have obtained independent legal advice and fully understand the implications of the agreement.
We will make certain that both of you have given full and frank financial disclosure and ensure that the agreement is realistic and fair.
Saving you a lot of time and money
A well prepared pre-nuptial agreement could save you a lot of time and money should your marriage come to an end.
If you are getting married, contact us to talk to one of our family law solicitors who can advise you as to whether such an agreement will be right for you.
Cohabitation Agreement (Family Law)
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