What is a pre-nuptial agreement?
A Pre-Nuptial Agreement is a document in which a couple who are intending to marry, set out their intentions regarding property both in sole names and joint names. It also deals with any property to be acquired in the future, debts, inheritance, gifts and what would happen in the event of Children being born. The intention behind a pre-nuptial agreement is to protect the assets that you have from being subject to being lost if the marriage ends in a divorce. The main purpose is to ensure that in the event of a breakup, there will be limited litigation concerning the division of assets. Anyone contemplating getting married, should consider whether or not they would benefit from a pre-nuptial agreement.
Why do I need a pre-nuptial agreement
Unfortunately, it is a fact that there are more and more marriages in England and Wales that are ending in divorce. It is therefore perfectly natural that people want to consider what happens to their assets in the event of a marriage breakdown. A pre-nuptial agreement can provide some certainty, clarity and a clear record of what each parties’ intentions are from the outset of the relationship. They usually provide evidence of what you have got, what the other person has got and what will happen in the future.
Do I need it?
If you want to protect your assets then you should consider it. If you have already been married once and divorced, then you may wish to limit your future potential financial claims that could be made against any divorce settlement, as the assets that you receive from the first marriage could be at risk. You may also have Children from a previous marriage and may want to ensure that they inherit from your estate or at least inherit the existing property which will then be protected depending upon the strength and wording of the pre-nuptial agreement.
Are pre-nuptial agreements legally binding?
Under the current Law, a pre-nuptial agreement does not bind the Court to implement the terms of the settlement contained in a pre-nuptial agreement as they are not automatically upheld. However, pre-nuptial agreements are often taken into account seriously because they are evidence of what the parties’ intentions were, in the event of a marriage breakdown. It is also usual during this process to have full and frank disclosure of what assets are held and it is important that each party obtains independent legal advice before signing the agreement. The agreement must also be signed within a certain period of time before the actual wedding takes place, otherwise it can become invalid.
We can offer the drafting of a pre-nuptial agreement for an agreed fee. This means that the fee will not increase, is specifically to draft the pre-nuptial agreement, specifies the remit of work, is not dependent upon the transaction and is non-refundable. Our pre-nuptial agreements are £995 and for cases up to £1 million of assets. This fee includes taking your instructions, advising you, drafting your agreement, amending it up to 3 times as necessary as well as dealing with your Partner’s Solicitor until the agreement has been executed. This fee is not based on negotiation between the parties as that is something that you will need to have a broad outline of between you and when you come to see us. Please note that we cannot see both of you and you will need independent legal advice for each party.
Please feel free to contact us if you require any further assistance, for a consultation on 02476 640 409.