Question
I’m getting married! Do I need a Pre-Nuptial Agreement?
Answer
Farah Khalid, Family Solicitor at Clarke & Son replies:
The last thing you want to consider when planning your wedding is what should happen in the event of a divorce. However, with the divorce rate in this country being so high—about two thirds of marriages end in divorce, and even more of second and third marriages do not work out—a Pre-Nuptial Agreement is simply good financial planning.
A Pre-Nuptial Agreement sets out what should happen to the assets in the event of a divorce. In England and Wales, these sorts of agreements have had a difficult history with the family Courts traditionally not being prepared to uphold their terms. Thankfully, over the years Pre-Nuptial Agreements have become more acceptable to the Courts depending upon all the circumstances of the case. In fact, the Supreme Court has delivered several groundbreaking decisions in this respect stating that Pre-Nuptial Agreements will be upheld as long as certain safeguards are put in place, i.e.:
- Full and frank financial disclosure is undertaken when negotiating this agreement;
- Both parties have independent legal advice on the agreement; and
- The agreement is signed no later than one month before the wedding.
A Pre-Nuptial Agreement is worth considering if, for example:
- You are bringing assets into the marriage.
- You have the benefit of a Trust Fund.
- You have significant pension provision now or in the future.
- You are considerably better off than your other half.
- This is your second or third marriage.
- You have children from a previous marriage/relationship and you wish to protect their future.
If are getting married and you wish to draw up a Pre-Nuptial Agreement, my advice is to do so as soon as possible. We offer a free initial appointment where we can discuss the best options for you.
If you have a query or would like to book an appointment please get in touch with our team on 01256 320555 or email mail@clarkeandson.co.uk.
