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A prenuptial agreement is an agreement reached between two parties, prior to the date of the marriage, which would set out what would happen to assets in the event of a marital breakdown.
Without a prenuptial agreement the court would start from the premise that all assets should be divided equally including property, savings, investments, income, and pensions.
Although not legal binding in England and Wales, the courts can consider prenuptial agreements if there is a dispute and are likely to uphold them if certain criteria is met.
For the agreement to be considered by the court, it must have been made more than 21 days before the wedding. The agreement must be reasonable, and both parties must have had full details of all assets and independent legal advice on the document. Additionally, a prenuptial agreement must be signed in the presence of independent witnesses and counter signed by a solicitor to confirm advice has been given.
The need for prenuptial agreement is often overlooked in the romance of getting married. However, with the average age of marriage increasing, the number of people who enter a marriage having acquired assets of their own, is also on the rise. Without the protection that can come with a prenuptial agreement, they face the risk of losing some of the property to their spouse in the event of separation.
If you would like more information or to discuss your options with our experts, please contact our Family Law Specialists today.
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