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Friday 8 July 2016

What is a pre-nuptial agreement? What steps do I take if I am considering a pre-nuptial agreement?

A pre-nuptial agreement (pre-nup) is an agreement entered into by a couple prior to their marriage which seeks to set out how their assets should be divided if they divorce in the future.  They are not automatically enforceable by the courts but it is becoming more common for them to be upheld.  Such agreements are considred by couples in various circumstances eg those who are marryng later on in life, those who may have been married before or who have received gifts of inheritance from their families.

You need to make sure that you allow plenty of time before the wedding for you both to take legal advice, agree the content and sign the Pre-nuptial agreement, as it needs to be signed ideally not less than 28 days before the wedding.  It is essential that you both take independent legal advice on the agreement and that you have both entered into it freely without any undue pressure.  You must both provide each other with full information on your finances which should be attached to the agreement itself.

It is sensible to decide whether you will review the agreement in the future and what circumstances would trigger a review, for example having children together.  It is important that you choose an experienced solicitor who can advise you properly.

For more advice contact Erica Cottrell or Tina Coward.