Love is in the air this Valentine’s Day!
If you are newly engaged then you may wish to have a think about a prenuptial agreement, Elizabeth Dowler explains more:
In England, there are still many misconceptions about prenuptial agreements. Many people assume that prenuptial agreements are reserved for the rich and famous or have limited legal validity. In reality, prenuptial agreements are becoming increasingly common in England and Wales and over time, the law had developed to give them far greater and decisive weight if the marriage were to breakdown.
Prenuptial agreements can be particularly valuable for those entering a second marriage or when parties wish to specifically protect inherited or self-made wealth.
A pre-nuptial agreement cannot oust the jurisdiction of the family court. However, a well drafted prenuptial agreement (with the benefit of appropriate legal advice) can hold significant weight.
It is important that the following factors are considered:
- the agreement must be freely entered into by both parties
- the parties must understand the implications of the agreement; both parties should have legal advice
- the agreement should be fair in the circumstances prevailing, especially when there are children
- the agreement should be entered into in plenty of time before the marriage (at least 28 days before the wedding)
- there should be full financial disclosure made by both parties.
Entering into a prenuptial agreement does not have to be awkward or unromantic, especially if you appoint the right kind of solicitor. A prenuptial agreement can create peace of mind and prevent costly and unnecessary litigation in the future.
If you want to know more, please get in touch with Elizabeth by email Elizabeth.Dowler@mogersdrewett.com or call 01225 750 079 we are here to help.