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It is becoming more and more popular for couples to try and agree what is to happen financially should their forthcoming marriage break down. These agreements are then incorporated into formal documents known as Pre Nuptial Agreements (Prenups).

Prenups are still not binding in this country but on marriage breakdown the Courts are starting to find them extremely persuasive. Prenups can be drafted to regulate financial matters during the marriage and on separation and divorce. They can specify who owns what and how property and other assets accumulated during the marriage should be owned.

Prenups are very useful not only if you have assets you wish to protect but for those thinking about a second or subsequent marriage.

 

To make Prenups as watertight as is possible the following guidelines need to be followed:

  • Both parties need to have separate legal advice
  • The prenup needs to be made a reasonable time before the marriage ie at least 2-3 months before the ceremony
  • Both parties should have disclosed to each other full details of their finances

After the marriage and after significant events such as the birth of children or a change in circumstances you should consider changing the Prenup to a Post Nuptial Agreement. Both Pre and Post Nuptial Agreements should be reviewed regularly. It is important that any Prenup is prepared carefully and this is something we can deal with for you.

 

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