Prenuptial agreements (often know as prenup agreements or pre marital agreements) are agreements that are entered into prior to a marriage in order to regulate what will happen in the event of a separation or divorce. A postnuptial agreement does the same but entered into after marriage.
This is a fast developing area of law. The English courts are increasingly prepared to take account of and follow the terms of the agreement in the event of a separation. However the agreement has to be done properly following guidelines laid down by the court. It is particularly important for both parties to the agreement to secure independent legal advice to ensure that they know what they are entering into and its consequences. Without this the agreement will probably not be upheld by a court if challenged by one party.
The purpose of a prenuptial agreement is to set out the parties intentions as to how property and assets should be divided if their marriage ended. They can be particularly useful to people with significant personal wealth or for people marrying from the second time.
Couples who chose to live together and not marry should consider entering into a cohabitation agreement. This will set out such things as who will pay towards what bills (for example mortgage, rent or insurance) and how will any house, property or assets be divided if the couple separate.
These agreements are particularly worthwhile if one party owns a house that the other moves into; is it intended that they should have a share of the house? What contributions are they expected to make?
It is important that anyone wishing to enter any of these agreements does so in good time without delay. We can prepare an agreement for you or advise you about an agreement received, usually for an agreed fixed fee.
If you would like to find out more about either prenuptial or cohabitation agreements please contact us to arrange a consultation with one of our solicitors on 0161 429 7251 or [email protected] and we will be happy to discuss with you your individual requirements and come up with an agreement ideally suited to your personal circumstances.