Pre-nuptial agreements

A pre-nuptial agreement can be drawn up setting out what you would want to happen in the unfortunate event of your marriage failing.

Although not legally binding, it is a factor that the court would take into account in any subsequent divorce proceedings, but only if the agreement was entered into at least 21 days before the marriage, both parties received independent legal advice and gave full and frank disclosure about their finances to each other.

If however there has been a change in circumstances between the making of the agreement and the breakdown of the marriage, such as the birth of a child; or a significant change in the parties' assets, it may well mean that the court places less emphasis on the agreement.

It is possible that the law may change and pre-nuptial agreements will become more common.

Q. I am a retired gentleman who is planning to marry.  I am quite wealthy, but my wife to be is not.  My children are worried that I am being taken advantage of and want me to get a pre-nuptial.  Is this necessary?

A.  It is always advisable when one party has more assets than the other for there to be a pre-nuptial agreement.  Although it is not legally binding, pre-nuptials are now being taken into account by the courts, and if there has been no change in your circumstances, it is likely that the agreement will be followed, or at least reduce the amount of money you may have otherwise had to pay her following a divorce.

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