If you are planning on proposing and/or getting married, firstly – congratulations! You have found the love of your life and the future is looking rosy.
For many engaged couples, assets will have already began to accrue prior to them getting married. Assets could include savings, property, investments and pensions.
Increasingly, we see parents providing financial assistance to their children in order to get on the property ladder. Unless these assets are ring-fenced, by way of a Pre-Nuptial Agreement, they are automatically added to the ‘joint’ pot and considered as part of any financial settlement on divorce.
What is a Pre-Nuptial Agreement?
A Pre-Nuptial Agreement is a useful contract, designed to provide financial clarity to both parties and avoid the significant cost of litigation and Court proceedings should they be needed in the future. Such an Agreement provides peace of mind to both parties and full transparency as to their intentions for the future.
Pre-Nuptial Agreements are increasingly common and should not be considered for the ‘wealthy’ only.
For a Pre-Nuptial Agreement to be upheld in England and Wales the following criteria must be satisfied:
- The Agreement must be entered into without duress and at least 28 days before the wedding ceremony;
- Financial disclosure must be provided and exchanged between the parties prior to signing the agreement;
- Both parties must confirm that they full understand the terms of the Agreement, with both parties having obtained independent legal advice (or had the opportunity to).
- The terms must be fair (as considered against the circumstances at the time of any divorce) and the Agreement should be regularly reviewed to reflect any change in circumstances during the marriage.
Next steps
If you are considering proposing and/or planning a wedding, then speak with one of our friendly specialist Family lawyers who are available across our network of offices in Leamington Spa, Coventry, Nuneaton, Southam and Stratford-upon-Avon. Tel: 01926 356000 or email; simone.bartha@alsterskelley.com to arrange an appointment.
Call now on 01926 356 053 to book an initial consultation for £300 plus VAT to speak to one of our Family Law specialists.