15/01/2024
Here is the first of our Articles for 2024, this one covers Pre-Marital Agreements - I hope you find it useful and if you have any ideas on topics for future Articles, please do not hesitate to let me know either by leaving a message on here or via our website - www.shfamilylaw.co.uk
Pre-Marital Agreements
2024 may be the year that sees you getting married and so we thought it would be useful to set out information on steps you can take to help secure your financial position if you are planning on doing so.
Amid all the preparation and organisation in the run up to the big day, the last thing you are likely to consider is how your legal position alters following marriage.
We appreciate it isn’t very romantic discussing financial matters with your soon to be spouse and how, should the marriage breakdown, you would prefer your assets to be distributed between you. However, it is sensible to consider such matters and whether you wish to seek to ensure that your financial distribution is in line with your preferences, rather than governed by statute and Court principles, which could provide for a very different outcome.
A Pre-Marital Agreement (or Pre-Nuptial Agreement) is made by a couple prior to their marriage. Essentially, the agreement sets out how the parties to the marriage wish their assets to be divided should they divorce.
Such agreements are not legally enforceable, however, the Court can and commonly do uphold the contents of a Pre-Marital Agreement either in full or in part. There are certain criteria that, if followed, are more likely to persuade a Court to uphold the terms of the Agreement and these are set out below:-
The agreement should be entered into by both parties without undue pressure.
Both parties should have full knowledge of each other’s financial position.
The agreement should be drawn up and signed in good time of the wedding date.
Both parties should obtain independent legal advice upon the implications in entering into the agreement.
The agreement should meet the financial needs of both parties and make provision for any changes in circumstances, eg, children being brought into the marriage.
Pre-Marital Agreements are becoming increasingly common, reasons for requesting one range from one party wishing to preserve pre-marital wealth, perhaps as a result of getting married in later life or having received financial assistance from a third party that is provided with the intention that it should not be shared in the event of a marital breakdown. Alternatively, it could be due to a preference to preserve inheritance or financial gifts that may be received within the marriage or simply wanting to have control over how finances are divided rather than rely on statute and Court principles.
If you are reading this and thinking that you would benefit from having a Pre-Marital Agreement but you are already married, you can instead enter into a Post-Marital Agreement.
Should you wish to receive advice in connection with entering into a Pre or Post Marital Agreement or any other area of family law, please do not hesitate to get in touch with us.
About Us
S H Family Law specialises solely in family law, enabling us to be experts in our field. We offer an initial free 30 minute consultation either in the office, remotely or over the telephone. We pride ourselves on our quality of advice, professional level of service and transparency over costs.
You can contact us by visiting our website, www.shfamilylaw.co.uk, telephoning us on 01179 601437 or emailing [email protected]