A pre-marital or pre-nuptial agreement is an agreement reached between two people who intend to marry and wish to regulate, organise and plan their legal position in the event of marriage breakdown. Presently pre marital agreements are not binding in this country in subsequent divorce proceedings.  However, provided the agreement is entered into in good time before the marriage, both parties have fully and frankly exchanged personal and financial information, and each have the opportunity of obtaining legal advice, then these agreements are more and more being recognised by Courts as a factor to be taken into account in assessing the distribution of income and assets on divorce.

The advantage of having such an agreement is:

• Even if it is not presently enforceable through the Courts there is nothing to stop both parties putting the agreement into place should they separate.
• Any agreement entered into at this stage is more likely to be one that is fair and will reduce the stress and strain of contested financial proceedings.
• The implementation of such an agreement can significantly reduce the costs of separation.
• Such an agreement can reduce the acrimony that may arise in the breakdown of the marriage.

Some believe that such agreements are unromantic and suggest that both parties do not have confidence that the marriage will work.  However, such agreements are no different to the wisdom of making a Will or taking out life insurance or critical illness cover.  It is now recognised that such agreements are part of sensible planning.  Edwards Duthie can help you by preparing and negotiating a suitable agreement which meets your beliefs and requirements.  We are only able to advise one party not both.  We can also ensure as far as possible that such an agreement would be recognised as a factor to be taken into account in the sad event of a subsequent divorce.

It is essential that both parties are independently represented in the preparation of the agreement.

It is also important the neither party is under any unreasonable pressure to agree the terms of such an agreement.

It is also important that each party undertakes a complete disclosure of his or her financial circumstances.

Costs

A pre nuptial agreement can be prepared for as little as £500 plus VAT although in many cases the average bill might be in the region of £1000 to £2000 plus VAT depending on the amount of investigation and negotiation necessary.  In any event such costs would be significantly less than the cost of any subsequent contested financial proceedings.

Please contact us if you would like any further advice or assistance.