Considering a Pre-Nuptial agreement?
At present a pre-nuptial agreement is not legally binding. However, the attitude of the Court towards them has changed considerably over the years; more weight is now being given to them and in light of this it is becoming more common for people to enter into such an agreement.
In trying to determine a division of the matrimonial assets the Court's usual starting point for such a division is 50:50 unless there are good reasons to depart from this equal split.
We would all like to think that when we marry it is for the long haul and that we will remain together “til death us do part” however the reality of marriage breakdown is ever increasing.
Many people entering into a marriage already have assets in their own name which they would wish to protect in the event of a marriage breakdown – these could include a property, business assets, investments, pension provision and even any future inheritance.
On divorce, the Court has extensive powers to potentially distribute all of your assets including pre-marital assets, those which are inherited or held in trust. This can make the Court process uncertain, stressful and expensive.
If challenged, a pre-nuptial agreement is more likely to be upheld if it was properly made and entered into without any undue influence and will not lead to one parties’ hardship.
Before entering into a pre-nuptial agreement both parties should seek independent legal advice from a family lawyer. The Court will not uphold an agreement which it sees is unfair to one of the parties.
If you are considering a pre-nuptial agreement and would like further information please contact Vines Legal today on 01246 555 610 to speak with one of our qualified and experienced professionals.
By Claire Clark on 6 Jan 2015, 10:51 AM