Pre and post-nuptial Agreements
Kingsley David solicitors in Milton Keynes can help you understand the importance of getting pre and post-nuptial agreements right. After all, your financial future and/or the ‘safety’ of your assets could depend upon what is contained in any agreement to which you put your signature especially when it is put to the test. We also know how to find errors, loopholes and elements of potential conflict in such agreements.
A recent ruling by the Supreme Court in the case of Radmacher v Granatino indicates that pre and post-nuptial agreements are likely to carry greater weight when brought before the Court in ancillary proceedings in divorce. Not only will they carry greater weight, it is likely they will be subjected to far more detailed scrutiny.
The case was not about the validity of the pre-nuptial agreement, but concerned whether or not the wife had stuck to the spirit of the agreement after the husband was awarded £1 million only to discover she was actually worth over £100 million.
The Court upheld the agreement in favour of the wife, but the case highlighted the importance of ensuring each party knows what they are agreeing to and the required (or expected) scope and extent of any disclosure by them.
Under English Law pre-nuptial agreements are only one factor amongst many that are considered by Section 25 of the Matrimonial Causes Act 1973. The longer the marriage and factors such as children coming into the equation will also have a persuasive effect.
Pre-nuptial Agreements
If you are thinking of entering into a pre-nuptial agreement, for it to carry legal weight the main points to note are as follows:-
- Full and frank financial disclosure from both parties.
- 2 to 3 months must elapse before the marriage so as to allow both parties to take proper and independent legal advice.
- Both parties to be separately represented.
Post-Nuptial Agreements
In order for the parties to be further legally bound under the terms of the pre-nuptial, it is advisable to also enter into a “mirror” post-nuptial agreement. This will reflect the pre-nuptial agreement’s terms and conditions cognisant of the changes in circumstances. Ideally it would be drawn up within the first few months of marriage.
If you are interested in discussing the possibility of pre-nuptial and post-nuptial agreements, then please do not hesitate to contact our family law department and talk to Paul Montgomery or Patricia Reece who will be happy to advise.
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