A prenuptial agreement is a document made before marriage. It sets out a couple’s intentions regarding their financial assets should the marriage come to an end.
Whilst no-one likes to contemplate the prospect of a marriage breaking down but ensuring that there is a prenuptial agreement in place is a sensible precaution to take. A prenuptial agreement could save both parties a great deal of money becasue the risk of contested Court proceedings is substantially reduced.
If there are assets you acquired before your marriage a prenuptial agreement is a way to protect them. It could prevent them automatically being considered as matrimonial assets. It can also act to protect assets you will acquire in the future, such as an inheritance.
Prenuptial agreements are not binding on the Court. However, they are one of the factors taken into account by the the Court when making decisions about a financial settlement. The Court will view a prenuptial agreement as strong evidence of the parties’ intentions at the outset of the marriage to regulate their finances and safeguard their respective assets.
If a prenuptial agreement is considered by the Court to be unfair it has the power to disregard that agreement and make any orders it sees fit. Even so, a document detailing your intentions is certainly an influential factor that will be considered and given weight, even if not to the full extent of its content.
To maximise the chances of a prenuptial agreement being accepted by a Court it is important that both parties take independent legal advice. Not only must the document be fair and carefully drafted, a full disclosure must be made in respect of the parties individual and joint financial positions.
If you would like further advice concerning a prenuptial agreement or would like to arrange a free initial consultation please contact Tony, Rachel, Amanda, Catherine or Alice on 01752 668246 or send an email by clicking here.
If you are looking for a prenuptial agreement solicitor in Plymouth, Plympton, Plymstock and the surrounding area, choose the Plymouth prenuptial agreement solicitors, Gard & Co. Solicitors.