Pre Nuptial Agreements

A pre-nuptial agreement is an agreement drafted prior to a marriage taking place which specifies how the assets will be distributed in the unfortunate event of the marriage breaking down.

With approximately 40% of marriages culminating in Divorce, the prenuptial agreement is becoming increasingly popular. When a marriage takes place the assets of each individual party are collectively considered to become matrimonial assets, i.e. assets which belong to the marriage.

The starting point when dealing with finances upon divorce is a 50/50 split of all of the matrimonial assets and finances. This may not be fair in certain cases, for example if one party enters the marriage wealthier than the other, that party could potentially lose out significantly. A pre nuptial agreement is designed to limit the claims of one party against the assets of the other should the marriage dissolve.

A pre nuptial agreement is a useful way of safeguarding assets and finances before a marriage taking place. It has proved to be used mainly by wealthy individuals who wish to protect their assets, by people who have received a large inheritance which they wish to ring fence, and by people who have children from a previous marriage and wish to protect their assets for the sake of these children.

A landmark ruling in the Supreme Court in October 2010 has greatly increased the strength of pre-nuptial agreements. Pre-nuptial agreements are now binding in the eyes of the law provided that they are drafted correctly. Maddersons are able to help you draft this agreement correctly and in accordance with your wishes. You are now able to make your own decisions about your assets prior to a marriage, and those who are concerned about such assets should make an appointment to discuss how a pre-nuptial agreement can protect them.

For more information on pre-nuptial agreements please contact us now on 01992 444421 or you may email us at info@maddersons.co.uk.