Pre-Nups Are The Way To Go!

Pre-nuptial agreements (“pre-nups”) have traditionally been the preserve of the rich and famous, however many couples should consider these before they buy a property together, get married or more particularly, get re-married - they can save money, time and stress in the event of the unthinkable separation or divorce.

Not only do pre-nups assist with the division of financial assets and of property, they can also cover how expenses, debts and outgoings are to be paid and non-financial arrangements, such as the way children are brought up.

Stephen Moss, Partner at Lemon&Co Solicitors, comments: “Couples often find it difficult to discuss these issues so it can be even harder to find a middle road in the event of a break-up. Arrangements made prior to marriage, a civil partnership or before parties live together, can often ensure that assets remain with the respective parties and their children if the relationship ends.”

“Although such agreements are not legally binding in the UK, the Courts frequently have and do take them into account when making their decision as to the division of assets, especially where finances are complicated, the parties are wealthy, or one of the parties has been married before.”

The Court of Appeal in their recent decision, Radmacher -v- Granatino (2009) held that pre-nuptial agreements should be taken into consideration when deciding on the division of assets.

Here are some key points to consider if you are thinking about a pre-nuptial agreement:

Give plenty of time to consider any agreement - agreements should not be made fewer than 21 days before any marriage or before you live together, parties must have time to reflect
You must fully disclose all your financial assets
If you have children, or they are expected, their rights must be recognised within the agreement
There must be reasonable provision made for the financially less dominant party
All pre-nuptial agreements should be regularly reviewed

Stephen concludes: “Everyone’s situation is different and needs to be carefully considered, therefore it’s important that both parties seek independent legal advice. The cost of getting it wrong can be expensive, both emotionally and financially.”

July 2009

This article gives a general overview only and the legal position at the time of writing this article. It cannot be relied upon in any particular case. Specific legal advice must always be considered to include consideration as to whether the legal position contained in this article has changed since going to print. For further information and advice, please contact Stephen Moss, Jayne McPherson, Andrea Ball, Vicky Emens or Bree Corrigan on 01793 527141 or alternatively by email on Stephen.Moss@lemon-co.co.uk, Jayne.McPherson@lemon-co.co.uk, Andrea.Ball@lemon.co-co.uk, Vicky.Emens@lemon-co.co.uk or Bree.Corrigan@lemon-co.co.uk.

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				Pre-nuptial agreements (“pre-nups”) have traditionally been the preserve of the rich and famous, however many couples should consider these before they buy a property together, get married or more particularly, get re-married - they can save money, time and stress in the event of the unthinkable separation or divorce
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