01 July, 2011
Recent reports in the press of high profile footballers' playing away from home has once again raised the issue as to whether a pre-nuptial agreement can contribute towards saving huge amounts of time and money when sorting out matters following such alleged affairs. Although there is often much more money involved in cases involving these sports stars there are still fundamental factors which are worth considering for anyone before walking down the aisle and saying the words "I do!".
Whilst Pre-Nuptial Agreements are still not yet law in the UK, they are a persuasive document and a factor for the Court to consider. On deciding what would be a fair and reasonable settlement in any divorce case, the Court has to have regard for ALL of the circumstances in the case, the Pre-Nuptial Agreement being one of them.
This is a contract entered into prior to the marriage or civil partnership. The content can vary but commonly include provisions for division of property and spousal support in the event of a divorce or break up of marriage.
The main advantage of a Pre-Nuptial Agreement is that it provides some protection in terms of inherited wealth.
This will depend on the extent of the assets and how straightforward or more complicated the agreement will be. This must be discussed with your Solicitor.
No, each of you must have independent legal advice.
Yes, you will have to provide full and frank disclosure of all of your assets even those to be ring-fenced prior to entering into an agreement.
It is strongly recommended that a Pre-Nuptial Agreement is reviewed at least every 5 years to provide for any alterations within the marriage i.e having children, illnesses, job redundancies etc.
For a free consultation and advice relating to divorce or separation or in relation to a Pre-Nuptial Agreement, please email Judith Wright or call 01772 220022.