Issue 5 - Nov 2007. Pre Nuptial Agreements

This month we discuss Pre Nuptial Agreements.

Pre nuptial agreements are not legally binding in the UK. However, judges have been more prepared to consider that a fair and reasonable pre nuptial agreement, signed in the right circumstances, should potentially carry considerable weight and possibly be upheld should the parties divorce at a later date and wish to rely upon such an agreement.

If pre nuptial agreements are not legally binding, why should I consider entering into one?

The court is obliged by statue to consider "all the circumstances of the case" when deciding on the appropriate outcome as to how matrimonial assets should be divided between spouses. If a pre nuptial agreement has been signed by the parties, with the benefit of legal advice and financial disclosure, without undue pressure on either party and a reasonable time before the wedding of at least 21 days, this may well provide protection to the parties on divorce. Even if the court does not uphold the agreement in entirety, it may affect the outcome of the case by reducing the award the court may otherwise have made.

Should I get one?

Anyone about to enter into a marriage, a remarriage or a civil partnership, who is concerned about protecting their assets should there be an unfortunate breakdown of marriage/civil partnership at a later date can look at arranging a possible pre nuptial agreement. You may also wish to protect assets for your children from a previous marriage, for example.

What if I am already married but want to see about getting something similar?

We also prepare post nuptial agreements which are agreements made after marriage which again, are not legally binding in the UK but may be taken into account by the court when deciding how to divide assets at a later date should the marriage breakdown.

What should I do now?

Please contact Jane Flemming on 0121 698 2200 or email j.flemming@sydneymitchell.co.uk