Pre-Nuptial Agreements - I do or I don’t?

Should I get a pre-nup?

Pre-nuptial agreements, also known as pre-marital agreements can be considered a taboo subject when planning a wedding. Whilst it may not feel a romantic start to married life, there are many people who would benefit from entering into a pre-marital agreement to protect pre-existing wealth or perhaps a future significant inheritance.

When people divorce, often the starting point of the courts is to consider an equal division of the assets. For people entering the marriage with unequal contributions this can feel very unfair.  It is, of course, now commonplace for people to enter into more than one marriage and have children from a previous marriage or relationship. The needs of those children, or the settlement acquired from a previous divorce should be protected.

Are pre-nups binding?

The 2010 case of Radmacher v Granatino established that a pre-marital agreement should be taken into account, but only if certain conditions are met. This includes that both parties have taken legal advice and that they are both aware of each other’s assets and income. Neither party can be put under duress or severe emotional pressure to enter into the agreement and the court must also consider whether it would be unfair to hold the parties to the agreement. The court is unlikely to uphold an agreement that would result in a manifestly unfair outcome to either party or would not meet the needs of the children of the family.

If you are thinking of making the commitment of marriage, you should also consider the financial commitment. It is, therefore, well worth taking legal advice in relation to whether a pre-marital agreement is right for you.

If you want to discuss anything in this article, then please contact us.