A prenuptial agreement is a written agreement entered into by a couple before their marriage which sets out what will happen in the event the relationship breaks down. Prenuptial agreements are not binding under English Law but they are persuasive and should be given decisive weight providing it is “fair”, ie, the agreement was:
- Entered into voluntarily;
- Entered into without undue pressure; and
- The parties were informed of its implication(s).
The attitude to ‘pre-nups’ as they are most commonly known has changed following the Supreme Court decision in the case of Radmacher -v- Granatino (October 2010)
It is more likely that the above criteria will be satisfied where there has been full financial disclosure and both parties having taken legal advice. We offer straightforward legal advice on the benefits and drawbacks of entering into a prenuptial agreement.
It may be prudent as part of your financial planning to consider a prenuptial agreement if you have a substantial income or assets. The agreements may be upheld depending on certain considerations being met including:
- Both parties receiving independent legal advice about the proposed agreement;
- There having been full and frank financial disclosure of both parties’ assets at the time of the agreement being suggested;
- The agreement must not be entered into less than 21 days before the marriage;
- Neither party was under pressure or duress to sign the agreement; and
- The agreement must be fair and realistic.
Prenuptial agreements should be reviewed and amended during the course of the marriage, for example when children are born.
Broadway solicitors are able to advise you in respect of these agreements and draw them up for you.
The advantage of a prenuptial agreement is to protect you from expensive court proceedings in the future.
Our approach is to take time to discuss the extent of the assets that you wish to protect and to create an agreement in this regard. If you wish to discuss this further please contact us.
A post-nuptial agreement is an agreement which can be entered into at any time following a marriage. It is a written agreement between spouses which sets out how their assets are held in the event of a marriage breakdown. You may receive life time gifts or inheritances or you may have interests in business assets, or monies or assets from sources outside the marriage which you want to ring fence and protect. Family members may be wary of monies passing to your spouse if your relationship was to fail. Post nuptial agreements can help to guard against this.
Entering into a ‘post-nup’ allows both parties to understand where they stand and what will happen whether they stay together or their marriage comes to an end.
If your spouse is suggesting a ‘post-nup’, it is important that you have a full understanding of their assets and have the benefit of specialist legal advice. Post nuptial agreements are likely to be binding At Broadway Solicitors we have the expertise to advise you and negotiate the best terms possible to ensure you have full protection.