The idea of signing a pre-nuptial agreement before marriage may seem pessimistic but this is not the intent of this agreement. Apart from the high rate of divorce in the UK, prenuptial agreements are a rational way of starting out marriage with a shared sense of candour and uprightness.
A pre-nuptial agreement is often known as a “prenup’’ and it is a contract that is entered into between two parties before their marriage together. The prenup records the ownership of assets and particulars of what is the fate of the assets in the event the marriage breaks down. Before a prenup is signed, it must be ensured that it is fair to both parties putting into consideration the financial background of both parties to the prenup agreement.
Pre-nuptial agreements are not made for just wealthy individuals who are looking to protect their assets from a less wealthy spouse.
When entering a Pre-nuptial agreement, there are a number of requirements that must be complied with in order for the court to uphold the deal. These requirements are;
- Both parties must warrant that they understand the terms of the prenup agreement and intend to be bound by them.
- The terms of the agreement have to be reasonably fair.
- The prenup agreement should be signed at least 21 days before the marriage.
- Both parties must disclose their assets and property and annexe to the agreement in a schedule.
- The parties must enter into the agreement freely and not under coercion or duress as this will render it void.
- Each party must obtain autonomous legal advice on the terms of the agreement.
Importance of Pre-Nuptial Agreement
The integral aspect of entering into a prenup agreement includes but is not limited to the following;
- It helps to save both parties money over spending money on litigation over the division of the matrimonial finances
- The prenup agreement enables each party to make it clear to the other party that a particular property belongs to him or she alone and will not be distributed in any future divorce.
- In the event of a divorce, having a prenup allows room for less argument about finances, resulting in an amicable settlement between both parties.
- Where both parties run a family business, the prenup helps to protect the interest of the business and impedes the upheaval of the business assuming a divorce occurs.
- Having a prenup aid the children and helps to secure their future.
We hope that we have positively changed your mind on the idea of having a pre-nuptial agreement before walking the aisle with your partner. We are your number one online legal firm that provides free legal advice for family law in the UK.
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