A prenuptial agreement definitely provides a measure of insurance- a legal document which enables you and your partner to agree on an appropriate and fair agreement. So that if your relationship with your partner breaks down in future, then this agreement can take care of the financial situation of divorce. It is like an insurance policy, which we hope you never use, but still, provides you with law support in case of divorce. A prenuptial agreement ensures your inheritance property, pre-marriage assets and assistance to a family situation such as a child from a previous marriage.
In recent times, prenups have become very famous as most people marry later in their life and they have already acquired their assets such as shares and property.
We will discuss further more on Prenuptial agreements and how effective and legally binding they are in the United Kingdom. Meanwhile, students can look for Assignment help Uk portal which equips only professionals who are proficient in writing assignments.
Five things you should know about the prenuptial agreement
1. The basics of prenuptial agreement
A prenuptial agreement is a personal agreement between a couple which is signed before the marriage. This contract set the course of financial regulations in case of a divorce or death. Each state of the United States enforces its own laws regarding the enforcement. Couples decide which state of law should be enforced depending on where the marriage took place. Often couple decides which state of prenup laws will be beneficial for them in future.
2. Is prenup agreements legally binding in UK ?
Following the verdict of Radmacher VS Granatino in 2001, Prenuptial agreements impose very heavy evident weight within the regulations of UK Family Court. The case involved assets worth £106 million of fortune of German Heiress Katrin Radmacher who married Nicholas Grantino, a French investment banker. The verdict came in favour of Radmacher, and it was the first time when British Divorce law recognized prenuptial agreements. However, British family court still has the discretion to waive any of the agreements, if it deems unfair to the child.
3. Solicitor’s role
In order to enforce a prenup agreement, both the parties must have legal advice on the regulations of contract. The court can adjourn the whole agreement if one party was disadvantaged by not having proper legal advice. It is suggested that both the parties should get independent legal advice from a qualified solicitor.
4. Full Disclosure is essential
Typically in prenuptial agreements, both the parties need to disclose their whole list of properties. Full disclosure of both the parties financial conditions must be made prior to the prenuptial agreements. Although in the current scenario it is not difficult to get a viewpoint on other’s assets, still it is considered fair to disclose everything before the agreement.
You can get a full list of assets and valuables that are essential to be mentioned in disclosure. Students writing a project on Pre and postnuptial agreement can look for Law assignment help portal. Our Portal only hires proficient law enthusiast who has years of work experience in Law.
5. Terms and Conditions
Both the parties are advised to think carefully of all the terms and agreements. The agreements should be clear, precise and detailed as possible. Both the parties should be aware of all the possibilities and circumstances that could arise in future. For instance, thinking of circumstances such as having children, pension provisions, inheritance and acquisition of assets. Regulations need to be clear and apt under these circumstances.
The terms of alimony
In most of the cases, the prenuptial agreement will either adjourn the topic of alimony or waive it. If the alimony is waived, it implies that one party can not ask for alimony from the partner in the event of divorce. If the chapter of alimony is not raised in the prenuptial agreement, than any party can raise their right to alimony to other’s assets.
Most of the prenuptial agreement enables both the parties to leave their individual property to whomever they want in case of death. While it requires some basic provisions for the surviving spouse, still in case of death the person can leave his assets to family, charities or friends.
In the united kingdom, the family court sees the couple’s roles as a child care and economic supporter. Irrespective of gender, both should provide an equal portion of welfare to the family.
While it is the fairest possibility of distribution, a couple’s assets are subjected to reason. Applying 50/50 split may feel unjust and unreasonable in some cases.
Before the Prenup Checklist
There are some of the factors that need to be addressed when you and your partner enter into a prenuptial agreement. The family court of the UK have the final verdict over these agreements and these factors determine if the contract is binding. The court will make sure that these regulations had enough time to reviewed by both parties.
To upheld the agreement in the UK court, here is a checklist to assist you in prenuptial agreements
- The prenups must be validated by a qualified solicitor to
- Both the parties must consult separate solicitors to avoid any sort of conflict of interest.
- Both parties must understand the full agreement knowingly and freely.
- All properties and assets are disclosed.
- Both parties have signed the prenup agreement prior to 21 days.
Benefits of Prenuptial agreement
Prenuptial agreements are an efficient and effective way of protecting the assets bought into the bond of marriage. So if one is planning the wealth down to your kids and grandkids, considering a prenuptial agreement is beneficial.
They can also help to strengthen trust issues and estate planning management. Prenups provide a fair and pre-agreed plan on which will make its course in case of a divorce. The prenuptial agreement is aimed to avoid circumstances such as potentially expensive proceedings, future dispute and protected regulations. Prenups try to provide certainty for the final resolution.
People also try to get enrolled in a postnuptial agreement but those postnuptial agreements are harder to get enforced in the Family Court. With any marriage, but mainly with the high profile marriage, the old mantra of life “hope for the best but along with it prepare for the worst” is true. Although I hope that the beautiful bond of marriage never ends, still it is advisable to seek solicitor’s guidance.
Our Assignment expert deals with an assertive approach for every scholar who visits our portal. For any queries related to any law term, please visit our portal.