Wedding fever this spring
Pre-nuptial agreements for couples eager to tie the
knot
04 | 05 I 11
The Royal Wedding may be over but,
with many other couples choosing to tie the knot this spring,
several important decisions will need to be made ahead of the big
day.
If you have recently got engaged or
have a wedding date around the corner, the thought of a pre-nuptial
agreement can be a daunting prospect; however, with the right
advice it can be the best decision you make.
Although it’s easy to get caught up
in the whirlwind of romance, it’s important to think about the
consequences should your marriage not work out. Pre-nuptial
agreements are not legally enforceable in Wales; however, when
properly drafted by a specialist family solicitor, they can be
persuasive evidence to the court in showing how a couple agreed to
split up their property and other assets before the breakdown of
their relationship.
Malcolm Stevens, Head of Family Law
at Hugh James Solicitors, says, “We are noticing that pre-nuptial
agreements are becoming more and more common. Couples are
increasingly requesting pre-nuptial agreements as they seek to
achieve more certainty and control over financial issues in the
event that their relationship fails.”
The contents of a pre-nuptial
agreement will depend on the requirements of each couple. A good
pre-nuptial agreement will ensure that a couple’s financial
interests are protected whilst avoiding future legal action should
their relationship end.
Reasons for taking out pre-nuptial
agreements vary but popular reasons include:
- if one of the parties is coming into the marriage with
significantly greater assets than the other.
- if one of the parties has already gone through a divorce or
break up.
- to protect any business assets - particularly family business
assets.
Malcolm continues, “Pre-nuptial
agreements, if properly drafted, really are carrying more weight in
Court proceedings, and recent cases show that they are becoming
increasingly important.”
The Court retains the right to
determine what will be a fair financial agreement; a pre-nup should
be considered as part of this process but, if there have been
children post marriage, then this will naturally have an impact on
the final outcome.
It’s also good to know that if you
are already married, it’s not too late to put an agreement in
place: post-nuptial agreements are becoming increasingly
popular.