They are becoming more and more prevalent since new proposals being introduced by the Law Commission after 3 years of consideration have given legal backing to such arrangements.
The intention of the proposed legislation is to reduce the costs associated with strongly contested and acrimonious Court battles between divorcing couples, and in an effort to provide certainty to parties entering into marriage.
The Commission recommends that expert advice is sought to ensure that any prenuptial agreements are properly drafted to give them legal standing and recommends that both parties take independent legal advice at the time of drawing up any agreement.
Pre-nuptial agreements might be particularly relevant to circumstances such as;
- Where a party has previously been divorced and wishes to keep their assets protected in the event that the marriage fails
- In a situation where there is an inequality of for example business or commercial assets that a party wishes to protect
- A party has children from a previous relationship and wishes to ensure that the assets are protected
If you wish to seek advice with regard to the benefits of prenuptial agreements, then we can advise whether a prenuptial agreement is appropriate in your case. We can usually work on a fixed fee to prepare a ‘Pre-nuptial Agreement’, the cost of which will depend on the complexity of the matter.