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The advantages of pre-nuptial agreements

In the past, pre-nuptial agreements were not a particularly strong area of law, and even though you could enter into a pre-nuptial agreement there was no guarantee that the court would have regard to the arrangements set out should your marriage break down. However, in recent years there has been a significant change in the way in which pre-nuptial agreements are viewed by the court. If a pre-nuptial agreement is drawn up properly, both parties have given full disclosure and have had appropriate legal advice then the agreement should be binding. It does however have to be reviewed to ensure that it is effective and can be amended after the marriage.

Even if parties do not enter into a pre-nuptial agreement they can after their marriage enter into a post-nuptial agreement. The same criteria apply in that there has to be full and frank disclosure with both parties having the benefit of the legal advice.

What is a pre-nuptial agreement?

This is a legal agreement made between two parties before their marriage has taken place.

A pre-nuptial agreement will set out how a couple would wish their marital assets to be divided between them in the event they later separate or divorce. Some agreements may also detail the couple’s intentions in respect of how their finances are arranged during the course of their marriage and thereafter.

How does a pre-nuptial agreement work?

The agreement will set out which party will own assets in the event of a future breakdown of the marriage. It should set out what assets are matrimonial and non-matrimonial and what assets are joint or separate property. An agreement can also make provision for any existing children of the family.

There are three main objectives to a pre-nuptial agreement, which are: –

• To enable the parties to have transparency as to their financial position prior to the marriage and to clarify how the parties intend to conduct their financial affairs during the marriage.
• To provide certainty for couples who wish to formally agree how their assets should be divided in the event of a breakdown of the marriage.
• To protect assets (such as non-matrimonial assets) from a later financial claim.

It is necessary for both parties to have all the material information to enable them to sign the agreement. It is recommended that the parties disclose all of their assets and income at the time of a pre-nuptial agreement being prepared so the other respective party is fully aware of the implications of such agreement. Failure to do this at the outset can run the risk of a court disregarding the agreement.

How much is a pre-nuptial agreement?

This will depend on the complexity of the agreement and the work that is required. For a straightforward pre-nuptial agreement, our fees start from £2,000 plus VAT.