Premarital Contract Advice From Specialist UK Family Lawyers
Anyone who stands to lose a lot in a future divorce should consider a prenuptial agreement as a way of protecting property rights in the event of the breakdown of the anticipated marriage. A prenuptial agreement must not be regarded as a way to deny a fair property settlement to a future spouse, however. A judge in a family court can disregard any prenuptial contract terms that appear unfair or overbearing at the time enforcement is sought.
If you're thinking of a second marriage, if you have grown up children or if you control a business, the advice of a specialist family law solicitor can help you explore the general advisability and the specific terms of a prenuptial agreement. Contact Boscos Solicitors to see whether such an agreement might make sense in your situation. We also advise people asked to accept the terms of a prenuptial agreement proposed by a future spouse.
Rather than a strictly binding blueprint for resolving hypothetical divorce finance issues, a prenuptial agreement can more usefully be seen as a means of defining rights and interests in specific property on terms that are substantially fair to both parties. The agreement can also call attention to particular interests that might otherwise be lost in the exercise of a judge's discretion.
For example, the spouses might agree that a particular asset belongs exclusively to one or the other of them, or that each spouse contributed so much toward the purchase of the common residence before marriage. The parties might also stipulate that a lump sum settlement might be paid in lieu of maintenance, or that one spouse waives any interest in the other's pension.
Giving Your Prenuptial Agreement a Good Chance of Enforceability
In order for a prenuptial agreement to have a strong chance of standing up to a challenge, it should have several fully documented attributes:
- The agreement must be free of any taint of coercion or duress
- It should be prepared and negotiated between solicitors, with each person advised separately and independently
- It must be based on full disclosure of all assets, liabilities and property interests, including those overseas
- It should be negotiated and executed at least three months prior to marriage
Prenuptial agreements have a shelf life. Changed circumstances, especially the birth of children during the marriage, can have a significant effect on the later fairness of the agreement, and it can be advisable to review and renegotiate the terms of the agreement on a periodic basis as the family's fortunes change. This work can be undertaken in conjunction with the periodic review of your estate plan, which also should be revisited from time to time.
For a free initial consultation about prenuptial agreements with a family law specialist, contact Boscos Solicitors in Leeds or Wetherby.
