A prenuptial agreement is an agreement entered into before marriage making the division of assets clearer in the unfortunate event of a marriage ending in divorce. It can not only save arguments over the division of assets during a marital breakdown but can also help to keep litigation out of the court.
Pre-nuptial agreements are not currently binding in the UK and cannot prevent the court from making what it considers to be a fair division of the matrimonial assets. However, with the UK keen to align itself with the rest of the European Union it is increasingly likely that the Government will eventually take the decision to fall into line with other European countries such as Sweden, Germany, France, the Netherlands and Spain where pre-nuptial agreements are already enforceable.
The current situation with pre-nuptial agreements:
Although pre-nuptial agreements are not currently recognised by law, in recent cases the courts have begun to take them into consideration as one of the circumstances which they will bear in mind when deciding on the division of matrimonial assets.
Currently, when deciding the weight (if any) to be placed upon a prenuptial agreement, the court has to determine whether the agreement was fair and genuine. To do this they will take the following into account:
- did the parties take independent legal advice
- did they have a clear picture of their finances
- how long before the wedding was the agreement signed
- was either party under financial or emotional pressure to sign?
The court will also consider whether there have been any significant changes since the agreement was signed such as the length of the marriage, the birth of any children and whether there have been any significant changes in the parties’ financial circumstances or health.
Our service:
At Blandy & Blandy we have one of the leading Family law teams in the South East outside London and are experienced in advising and helping to draw up pre-nuptial agreements as well as pre-partnership agreements prior to a civil partnership and agreements between co-habitees.
Whilst none of these are currently legally binding, with the right advice beforehand they can all be useful in removing the grounds for disagreements and litigation should the relationship fail to work out.
In addition our highly regarded Wills, Tax, Trusts and Probate team are able to help you with any inheritance tax planning and drafting of mutual wills.
Contact our Family team:
To discuss drawing up a pre-nuptial or pre-partnership agreement please contact our Family team on 0118 951 6800