It is simply a drafted document agreed to prior to marriage. The purpose is to give clarity to what happens should the marriage fail. It is designed to clearly identify what happens to assets and finances owned prior to the marriage and can also make provision for assets and finances acquired during the marriage.
Will a 'pre-nup' stand up in Court?
The pre-nuptial agreement does not carry the same weight in Court as say in the USA. In the Courts in England and Wales, a 'pre-nup' is not automatically held up or enforced by the Court however it can be persuasive as to indicate the state of mind of the people prior to marriage and if drafted correctly, has a chance of being upheld in our Courts.
When is a 'pre-nup' of use?
- When you are thinking of getting married and want to protect your assets in case the marriage doesn't work out.
- Second Marriages - if you want to limit any potential claims on any settlement you are expecting from your first marriage, if things don't work out.
- Second Marriages - if you want to protect your assets from your first marriage for the beneficiaries in your Will.
- If you are widowed and are thinking of getting married again and want to protect your assets in case things go wrong.
- If you are about to marry and are concerned if things go wrong you minimise the arguments over 'who gets what'
- To prevent your wealth being gifted away prior to a marriage break up.
- To prevent business assets being effected.
What is a Post-nuptial agreement?
It is similar to the 'pre-nup' but it is entered into after marriage.
It is sometimes used as a result of major changes in the individuals circumstances after the marriage which were expected prior to marriage, but did not materialise.
Will a 'post-nup' stand up in Court?
As with the 'pre-nup' the 'post-nup' is not a sure thing in our Courts, but as long as both parties have been straightforward with each other at the outset and the agreements are drafted correctly, then the Courts will reflect on this.