Katie McColgan, partner and head of the Family team at Berry Smith, looks at some of the most often asked questions about Pre-nuptial agreements
Why should someone consider a pre-nuptial agreement?
Whilst you should always enter into marriage prepared to emotionally and financially invest to make it work, this important step can provide peace of mind, that assets which you or your family have built up over years, would not be lost if the marriage ended.
What does drawing up a pre-nuptial agreement entail?
There needs to be full mutual disclosure of your income and assets, so that the other party knows and can take advice on what they might overwise have been entitled to had there been no such pre-nuptial agreement.
What sort of things should and should not be included?
I would include particulars of properties, potential inheritances, heirlooms etc which you want to safeguard as this agreement is intended to ringfence specific assets. I would not use it to set out day to day details of how you are going to manage your financial affairs together.
What should you do if you are asked to sign a pre-nuptial agreement?
Take legal advice! Whilst not technically legally binding, you need to be aware that the courts could well uphold such an agreement against you in the event of a breakdown of your marriage.
Are you seeing an increase in the number of people wanting a pre-nuptial agreement? If so, why do you think this is?
Whilst still relatively small when compared to the number of marriages, such agreements are becoming increasingly popular, particularly in second marriages or where there is a large disparity of assets being brought to the marriage. Many still view marriage as desirable with, for example, the numbers of marriages amongst the over 65’s actually going up this year but wish for protection against anything going wrong.
Please contact us if you would like more information about living together agreements or any aspect of family law on 01656 645525 or firstname.lastname@example.org