With the summer approaching, the wedding season will soon be upon us. As the concept of what makes a perfect wedding changes so has the approach of couples towards their finances and for many a pre-wedding checklist now contains the item “organise a...
Are Prenuptial Agreements legally binding?
They are not automatically legally binding like a Court Order. However the Courts are attaching more weight to them.
We’ve already decided on the terms of the Prenuptial Agreement, can a solicitor simply draft a Prenuptial Agreement on the terms already agreed?
No, again in order for a Prenuptial Agreement to be likely to be upheld by the Courts then both parties must have obtained and exchanged full and frank financial disclosure and had the benefit of independent legal advice so that it is clear that both parties were fully aware of the financial situation of the other party prior to signing the Prenuptial Agreement.
Can we use the same solicitor to draw up a Prenuptial Agreement?
No, in order for a Prenuptial Agreement to be likely to be upheld by the Courts then both parties must have had independent legal advice so that they understand the Prenuptial Agreement and must not have been put under pressure to sign.
Do I need a Prenuptial Agreement?
You may want to consider entering into a Prenuptial Agreement if you are thinking of getting married and want to protect your assets in case the marriage breaks down. This can be particularly important if you have assets from a previous marriage/relationship which you wish to protect or if you have children already with a previous partner and you want to ensure that their inheritance is protected.
What is a Prenuptial Agreement?
A Prenuptial agreement is a document which sets out what is to happen to property, income, assets and debts if a relationship breaks down. The main purposes of a prenuptial agreement is to limit the potential claims on the assets if the relationship breaks down and to try and avoid expensive court proceedings.