You may think this is at odds with all the wonderful things which usually need to be prepared and planned in advance of a wedding.
There are various reasons why parties may consider entering into this type of agreement or proposing the possibility to their fiancé.
Some prime examples include: –
- Family wealth which they would like to be protected in the unfortunate event of divorce.
- Both parties are entering into the marriage later in life and bringing various of their own assets. They may wish to retain these assets.
The process leading up to entering into such an agreement can provide for a good level of communication and openness which can be a good platform to begin the marriage.
The factors which are important when planning the agreement are:-
- Each party must to provide full and open disclosure of their own financial circumstances.
- Independent legal advice must be obtained by each party from separate specialist legal advisors.
- The parties must understand the agreement and there must be no pressure to enter into it.
- The terms must be reasonable and not be out of date.
- The agreement needs to be signed at least 21 days before the wedding day.
Pre-nuptial agreements are not completely legally binding in the UK at present however, if entered into properly by adhering to the criteria above, it is likely to hold weight and the Court may hold the parties to it, unless is inherently unfair at the time of divorce.
It is therefore advisable to have a review of the agreement every few years or in anticipation of a significant event to ensure that the still meets both parties needs.
To reduce haste, we would suggest starting the process at least 6 months in advance, if possible. If you approach us within that time, it should still be possible to enter into a pre-nuptial agreement. If not, and it falls within the timescales then we can provide you with advice in relation to a post-nuptial agreement.
Communication is a great foundation for marriage and we would strongly recommend that the planning stages are approached in a collaborative fashion.
For anything further, one of our specialists would be delighted to meet you to talk through your options and answer any questions. Please contact us at any time.