More people planning their second, third or fourth marriage are entering into pre-nuptial agreements with their future spouse.

Older people who have previously had a bad experience and are looking to re-marry are among those most commonly seeking a pre-nup.

These factors are leading to a rise in pre-nuptial agreement enquiries for our Family and Matrimonial team.

Kate Booth, Head of our Family and Matrimonial department says:

“Over recent years the importance of pre-nups has grown. Historically they were not binding, but now they will hold sway in court when it can be shown that the agreement is fair to both parties. Both need to have had ample opportunity to seek independent legal advice, the agreement needs to be signed by both parties well in advance of the marriage and both parties must have given full disclosure about their personal finances before the marriage took place.

With all these things together the court will recognise that the pre-nuptial agreement was entered into together and in that case, it can be binding.

Where it can get complicated is when circumstances change – for example if children come along. In cases such as these it is all about reviewing and updating any initial agreement, so it remains relevant to the present-day family situation.

More than just factoring in financial situations a pre-nup offers the opportunity to look at the whole picture, taking all assets into account, ranging from family businesses to pets.

There may be someone with his or her own business or they may have a part of their family business. In this instance pre-nups are a useful tool to avoid a former spouse from staking a claim.”

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For further advice on pre-nuptial arrangements, or any other Family or Matrimonial related matters, please contact our friendly team who will be happy to assist.

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Prenuptial agreements can provide a measure of certainty and the means of protecting pre-marriage assets, inheritance, and existing family commitments such as children from a previous marriage.

Legally, once married all of these assets become matrimonial assets and, unless specifically protected, are thrown into a single financial pot. The primary purpose of a “pre-nup” will frequently be to limit the potential claims on the wealth of one of the parties to the marriage.

We advise that if you fall into one of the following, you need a prenuptial agreement:

• I am thinking of getting married and want to protect my property
• I am about to marry for the second time and want to limit any potential claims on the settlement I received from my first marriage if things turn sour.
• I am a widower thinking of marrying again. I want to protect my assets.
• I am about to marry but worry that if things go wrong we could end up in a costly and lengthy argument about “who gets what”
• I am about to marry for the second time but want to protect my assets to ensure I have something to leave in my will to the children from my first marriage if my new relationship breaks down.

How do I get a prenuptial agreement?

• Agree terms and sign the agreement well in advance of the marriage.
• Take independent legal advice-one party cannot argue undue influence/pressure then
• Have full disclosure of each parties’ finances
• Have clear defined terms.
• Consider any change in circumstances which need to be accounted for in the future
• Consider reviewing this agreement periodically?

Will a prenuptial agreement stand up in Court?

At present a prenuptial agreement does not carry the same weight as a Court order. However Courts take them seriously, as a prenuptial agreement is evidence of your intentions to one another in the event of your relationship breakdown and one of the factors that a court may take into account when looking at all the circumstances of your case.

The Court will carefully consider things like:

• Did the party with the most to lose understand the nature of the prenuptial agreement?
• Did he/she have independent legal advice?
• Was he/she under pressure to sign?
• Was there full financial disclosure?
• Would an injustice be done if the prenuptial agreement were upheld?

Therefore, please do not make the same mistake as Cheryl, and call us on 02476 531532 where we would be happy to assist with completing your prenuptial agreement.

Melanie Davis (née Timms)
Family solicitor

The post Silly Cheryl: Allegedly no Pre-Nup! appeared first on Brindley Twist Tafft & James.