Taking out a Pre-nuptial Agreement
Unlike some other countries, pre-nuptial agreements are not yet binding in England and Wales. In the event of a subsequent separation, the matrimonial Courts have full powers to impose a financial settlement, even if this results in a variation of any agreement reached between the parties, either before or after the marriage.
However, a pre-nuptial agreement, drawn up correctly, is the best way to protect your assets and to evidence any agreement with your fiancée as to what should happen in the event of a divorce or separation.
It is likely that you and your fiancée will have already decided upon the general terms of your agreement.
However, it is important that you consider the following to ensure that the pre-nuptial agreement is fair and thus to ensure that it has the best chance of being upheld at a later stage:-
1. You and your fiancée should disclose to one another your full financial position.
2. You should get your own individual legal advice
3. You should consider what might happen in the event that your circumstances change, such as having children or ill health 4. You should try to ensure that both parties reasonable needs are provided for
Ideally you should enter into an agreement as far in advance of the wedding as possible. This allows you to fully consider the financial position, without undue influences or pressures.
To offer the best protection, you may also wish to consider reflecting the terms of your pre-nuptial agreement in a post-nuptial agreement.
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