Is it necessary to make a pre-nuptial agreement before marriage?

Napthens - December 2nd 2016

Click here to read full video transcript

Is it necessary to make a pre-nuptial agreement before marriage?

“Well certainly if you have acquired assets prior to your marriage which you want to protect in the event of a separation or divorce then a pre-nuptial agreement would be a very good idea.  Also if you know that during the course of the marriage that you are likely to acquire assets and will want some measure of control over what should happen to them in the event of a separation or divorce, likewise a pre-nuptial agreement will be very effective.  We tend to do a lot of pre-nuptial agreements for couples who are marrying for a second time and who want to ensure that their assets pass to existing children or grandchildren.  Other examples of where pre-nuptial agreements are effective maybe for example where you want to protect an inheritance or perhaps shares in a family business.”

Are pre-nuptial agreements legally binding?

Pre-nuptial agreements are not yet binding upon a court but provided they are dealt with properly there is every prospect that a court would uphold them and the law is changing, the Law Commissioner has now recommended that these agreements can be binding in the future or should be binding in the future provided certain requirements are met.  Those requirements are that each party has the benefit of legal advice, that there should be full financial disclosure and that the needs and responsibilities of the parties are catered for in the agreement and of course that last requirement is perhaps going to be most difficult to ensure but certainly depending upon your financial circumstances a pre-nuptial agreement is something to which I would advise you give careful consideration before embarking on marriage.”