A prenuptial agreement is a document, also commonly known as a prenup, which provides a formal written contract that individuals engage in before their marriage or civil partnership. A prenup set out exactly the division of financial assets in the unfortunate event that the marriage ends and the couple separates, or the event of a divorce.
The agreement normally details all of the assets – any cash, property rights such as the family home, company assets, investments etc (or debt) that each person possesses and outlines who will acquire possession of these if the marriage or relationship breaks. It sets out the specific terms of the agreement so that the parties involved know exactly what will happen in the event of separation and divorce.
Whether you are getting married or are married and are enjoying a blissful life with your spouse, a prenup does not seem to be the most romantic approach. In certain situations, it is important to take measures to protect particular financial assets, such as a business or inheritance, to ensure their security for your future. It is always recommend that you consult an experienced family lawyer prior to the agreement being prepared so that you understand what you would be legally entitled to in the event of a separation or divorce. If you spouse, or future spouse, asks you to sign a prenuptial or postnuptial agreement, then you should seek advice and guidance on its terms.
What is the purpose of a prenuptial agreement solicitor?
There are multiple rationales for desiring a prenuptial or postnuptial agreement, which include:
- To mitigate ambiguity and disputes over financial matters in the event of the termination of your relationship
- To protect your funds or possessions that you have received through inheritance and wish to maintain within your family
- To protect assets for any children from a previous marriage or relationship
- To maintain authority over a firm or business
- To safeguard yourself from assuming liability for any financial obligations incurred by your spouse
Benefiting from extensive expertise in Scottish family law, acquired over several decades, we are well-equipped to provide you with informed guidance regarding your available choices. Clarity Simplicity Family Law Solicitors have dealt with cases of different complexity, including situations where one or both parties have significant financial means. If you have complex assets or financial interests related to previous partnerships, we can help you arrange a prenuptial or postnuptial agreement that is customised to your specific requirements. We are expert prenuptial agreement lawyers and can assist in providing advice, drafting, signing and implementation of the agreement.
What Are Pre-Nuptial and Post-Nuptial Agreements?
A prenuptial agreement is a legally binding contract that establishes the ownership of financial assets, such as cash, property rights, company assets, and investments, between you and your partner. Following a significant Supreme Court ruling in 2010, pre-nuptial agreements have gained more strength and effectiveness under the Law. They provide reassurance by safeguarding your possessions and establishing mutual understanding regarding the division of entitlements in the event of a separation.
A postnuptial agreement is a contract and has the same affect as a prenuptial agreement however, it is drafted after marriage.
Our family solicitors can help with your prenup agreement
Our Family Lawyers team experts have extensive experience in creating prenuptial and postnuptial agreements. Our experts will initially learn about and understand your circumstances and thereafter provide a customised arrangement that is specifically suited to your requirements. The complexity of the agreement will depend on what property and assets you each own, and the preferred division of assets on divorce, or separation. We acknowledge that this is a confidential document that necessitates careful and delicate handling. We assure you that your agreement will be free from technical terms and will employ clear and simple language that can be easily understood by all parties concerned. We can aid you in assessing the benefits and drawbacks of certain clauses and conditions, allowing you to come to a reasonable agreement.
- Our family law team adopts a compassionate and practical approach.
- We can utilise the comprehensive legal knowledge of our whole firm, covering a wide range of legal disciplines.
- Our expertise lies in handling complex financial arrangements and divorces that involve businesses.
- Our team consists of skilled collaborative lawyers and family mediators.
- We consistently prioritise efficiency and cost-effectiveness in our work.
Is a pre-nuptial agreement legally binding?
A prenuptial agreement is not legally binding. Nevertheless, the court acknowledges the growing significance of this matter. A court has the authority to enforce an agreement, or some parts of it, as long as particular conditions were met when the parties entered into a prenuptial agreement. When partners have made a prenuptial agreement, neither party can prevent the court from deciding how to divide their assets. If financial remedy proceedings are initiated later on. Nevertheless, the court will evaluate the agreement and determine its significance by considering the following factors:
- Did each party voluntarily agree without any undue coercion?
- The marriage’s occurrence would have been contingent upon the arrangement.
- Did each party have the chance to obtain independent legal counsel before signing the agreement?
- Did both parties provide complete and transparent information about their financial situations before signing the agreement?
