In today’s day and age most marriages are ended in divorce. There is a greater chance that couples will get married again. Therefore, couples like to be in control of their finances and assets. A way to go about that is usually through a pre-nuptial contract.
A pre-nuptial contract is where the couple who is getting married would enter into it by agreement (before marriage) and attempt to set out what should happen to their finances in the event of divorce. However, it should be noted that pre-nuptial contracts are not automatically enforceable in England and Wales but nonetheless recent cases make it clear that prospective partners who are entering into pre-nuptial contracts with their eyes wide open are likely to be held to their agreed contract subject to that they are found to be fair at the time of their divorce.
This agreement provides details on how the couple’s assets and property would be divided in the event of the couple divorcing, separating or even upon death. It is very important that the couple discusses with each other in full detail before obtaining a Pre-nuptial agreement. It is further crucial that the couple must obtain independent legal advice from a solicitor. Usually the couple will need to instruct separately different firms of solicitors in order to avoid any conflict of interest.
Couples are usually advised to consider pre-nuptial contract in the following circumstances (Please note this list is not exhaustive):
When there is a substantial difference among the financial position of the couples;
When one has assets they want to protect;
When one’s family has contributed to the capital;
When one has been married before and their previous family for whom capital needs to be taken;
When the couples want a way to resolve the finances in the event of a separation.
We at Sabeers Stone Greene LLP can assist you in writing up this contract with the assistance of our experienced family law solicitors. We try our best to make this process as less stressful as possible.