Nuptial agreements, also referred to as pre-nups and post-nups, were commonly associated with the rich and famous. However, the law has developed over time and they are now becoming increasingly widespread.
A pre-nuptial agreement is a legal agreement made between two individuals before their marriage has taken place.
A post-nuptial agreement is a legal agreement made between individuals who are already married.
In both scenarios, the agreement usually sets out how the couple wish their assets to be divided if they later separate or divorce. Some nuptial agreements will also detail how the couple currently arrange their finances and how they will arrange their finances during the marriage.
Whilst nuptial agreements are not legally binding in England and Wales, the courts must give appropriate weight to them when considering a financial settlement on divorce. If the correct criteria are met, the courts will give decisive weight to them. This can have a significant impact on the overall settlement.
So, what are the correct criteria?
- A nuptial agreement must be freely entered into. This means that both parties should enter into the agreement of their own free will, without undue influence or pressure.
- The individuals must have a full appreciation of the implications of the agreement. This means that at the time of signing the agreement, each party should be in possession of all the information material to their decision to sign the agreement. For example, an awareness of each other’s financial resources.
- It must be fair to hold the individuals to the agreement. There is nothing inherently unfair about an agreement that seeks to ring-fence non-matrimonial property.
If you have any questions about no-fault divorce, or any other family law related matter, please contact Stuart Duncan of Rowberry Morris Solicitors on 0118 982 3774 or stuart.duncan@rowberrymorris.co.uk. Stuart advises on all aspects of family law and specialises in the issues arising from relationship breakdown. He has a particular expertise in complex financial matters, child arrangements and cases involving unmarried couples.