Getting married and wondering whether you should include “Pre Nup” on your to do list?
Worried about broaching the subject with your partner in case they are offended?
Don’t worry, you’re not alone.
Pre Nups may not feel like the most romantic start to a marriage, however they are often a great opportunity for couples to be open and honest about their financial situation before getting wed.
Did you know that having a Pre Nup reduces the chances of a marriage ending in divorce?
It’s perhaps unsurprising therefore that couples are increasingly entering into Pre Nups. Most commonly;
Pre Nups are designed to set out what the parties would like the financial outcome to be in the unfortunate event of a divorce. The purpose is to avoid a dispute at a time when discussing such matters is likely to be more difficult because of the relationship breakdown.
Post-nuptial agreements are entered into after the marriage and usually in contemplation of divorce. They too set out what should happen in the unfortunate event that the marriage breaks down and divorce proceedings become inevitable.
In both scenarios, Confidante can advise on the content and legal weight of the agreement as well as the drafting of them.
A pre nuptial agreement is entered into before the marriage and a post nuptial agreement is entered into after the marriage.
These agreements typically set out what the parties would like the financial outcome to be in the unfortunate event of a divorce.
The purpose is to avoid a dispute around what should happen to the finances at a time when discussing such matters is likely to be more difficult because of the relationship breakdown.
Commonly, these agreements are entered into to protect certain assets/income from being included in the division of the finances in the event of a divorce, for example;
Pre nuptial agreements are often designed to protect certain assets (existing or anticipated) from being taking into account in the context of divorce proceedings.
Alternatively, pre nuptial agreements can simply set out what the outcome should be in the unfortunate event of a divorce to avoid an argument at that point.
If you consider that you may benefit from a pre nuptial agreement it is sensible to seek legal advice well in advance of the wedding.
Parties in divorce proceedings cannot override the Court's ability to decide how finances should be divided on a divorce. Therefore, neither party can be prevented from applying to the Court for financial provision on divorce. However, when deciding on an appropriate level of financial provision, the Court is likely to give weight to a pre or post nuptial agreement if it is entered into in the right way (explained further below). It is possible therefore that the pre or post nuptial agreement could be determinative.
The factors the Court is likely to take into account are;
Additionally in respect of pre nuptial agreements;