A Pre-Nuptial Agreement is a contract entered into prior to marriage by the people intending to marry.  The content of the agreement can vary widely, but commonly includes provisions for divisions of property and spousal support in the event of divorce or break up of marriage.

 

As of 2007, Pre-Nuptial Agreements are unenforceable in England and Wales. These however can be upheld at the Judge’s discretion as persuasive evidence, as even though the Agreement may not be legally binding, the Court may decide the Agreement is fair and give effect to it.

 

A Pre-Nuptial Agreement must be carefully drafted due to the risk involved and must take into account the circumstances and the likelihood of events unfolding in the future. 

 

There are two separate agreements we offer:-   

 

(a) Pre-Nuptial Agreements for marrying couples

 

These are advisable to parties where they are entering into an arranged marriage, have a wealth of family assets and wish to protect their interests before entering into marriage.  We seek to distance you from the stigma attached to Pre-Nuptial Agreements and strongly advise these to safeguard what might happen in the unfortunate event that the relationship being entered into is not lifelong.  The agreement can be seen as a fundamental aspect of the marriage and can be regarded as a key element alongside other key decisions taken into account before entering into a marriage, e.g. money, home, how much you are going to spend on your wedding.

 

The Pre-Nuptial Agreement can make the process for splitting assets less expensive and less complicated, and even though traditionally these Agreements have been seen as only for the very wealthy, they are particularly advisable for the following;

 

(i)                 People who are entering into their second marriage and already been through the divorce process, wishing to avoid the risk, stress and cost associated with a potential breakdown in the future.

 

(ii)               Divorcees and bereaved spouses with grown up children who may see their parent’s remarriage as a threat to their inheritance.

 

(iii)             City professionals who lead busy lifestyles and accumulate substantial assets and shares through work, and those who wish to engage in asset protection to safeguard their position.

 

(iv)             People with substantial assets spread out internationally with some assets shared with other beneficiaries and who need to protect their interests and require certainty in the event of a relationship breakdown.

 

(v)               People with substantial assets and who are about to enter or already entered into a relationship.

 

(b) Co-Habitation Agreement (between unmarried couples)

 

More and more couples each day are moving in together without entering into marriage.  It is extremely important to protect your investments and reach a decision on key aspects such as purchasing a property.  Such agreements can be tailored to your individual needs and to take into account what matters are of importance to you, e.g.

 

(i)                 What contributions shall be made towards the mortgage and expenses,

 

(ii)               Define the division of property in the event that the relationship is not lifelong,

 

(iii)             Define the division of other assets involved in the relationship, i.e. cars,

 

Therefore, these agreements are particularly useful to provide you with certainty, protection of assets brought into a relationship/marriage, protection of ownership and retention of business interests and, prevent lengthy and costly litigation should the relationship end in the future.

 

It is also the case that, whilst it is still not possible to guarantee that the Court will uphold a Pre-Nuptial Agreement, the burden of proof appears to have shifted onto the party who says that the Agreement should be set aside to prove as to why the concluded agreement should not be permitted to stand.

 

Therefore, although the contract is unenforceable by law, it is increasingly being taken notice of by the Courts when deciding how to divide their assets.

 

If you are interested in these agreements, we highly recommend you to make an appointment to see one of our professionals as a Pre-Nuptial Agreement is strongly recommended for business men and women, and city professionals who wish to secure their past savings in going into the uncertainty associated with the future, emotions bringing uncertainty and in realising that people change.