In most cases, prenups and postnups are likely to be equally effective after the agreement and provided that the necessary steps have been taken to ensure that the court takes the agreement into account. Both types of agreements can provide divorced couples with a quick and cost-effective solution to a financial settlement dispute, unlike many months in court with an expensive outcome that cannot be predicted. The general public has also become more aware of prenups and their power in court, reinforced by the fact that people marry later in life than in the past and therefore have more assets before marriage. Christopher regularly provides specialized legal advice on marriage contracts to clients across the country. In addition to office meetings, it offers remote meetings via conference call and video software and can help you wherever you are. After consulting with many leading family law experts, the Law Commission has established a framework within which it recommends that we can make marriage contracts legally binding. Although the Supreme Court`s decision in Radmacher v. Granatino does not automatically make marriage contracts legally binding, this judgment of 20 October 2010 marks the moment in British legal history when marriage contracts have become almost binding and brings the law closer to its application. It is possible that prenups protect future profits or assets, but they must be explicitly mentioned in the agreement to be valid. You won`t be able to save costs if you hire the same lawyer – it`s important that each of you receives independent legal advice. Many people in the UK now choose this strategy and not just those with high net worth. If both parties agree and have sought legal advice, getting an online prenup is a reasonable option.
By ensuring that the marriage contracts we draft comply with the recommendations of the Law Commission, we can ensure that if the law changes, the marriage contracts we have established before that date will become legally binding, provided they meet the needs of the parties. It is indeed advisable that prenups be reviewed every few years to ensure that they take into account the most recent situation within the marriage, such as: if the financial situation has changed significantly or if post-life events, such as the birth of a child. The Law Commission`s Draft Law On Marriage Contracts is therefore the likely way in which marriage contracts will be made legally binding in the future, provided that each agreement meets certain requirements. We summarize these requirements here. The requirements, in addition to financial disclosure and legal advice, include that an agreement is not intended to meet the needs of one of the parties (and subsequent children). Any prenup agreement that aims to leave one of the parties without the means to cover his “financial needs” will therefore be “disqualified” from the alimony and therefore referred to the usual legal procedure. “A prenuptial agreement in the UK, commonly known as prenup, is a legal document in the form of a financial agreement between a couple before their marriage and sets out how each of their assets will be divided between them in the event of divorce.” This misconception may be a consequence of the fact that prenups often appear in the news when famous people are going through a public divorce. In fact, anyone can get a prenup and there are a number of reasons why you might consider signing one before you get married. These marriage contracts are no longer reserved for the rich and famous. As more and more people marry later in life, sometimes for the second or third time, prenups for “ordinary people” are becoming increasingly popular to avoid future long and costly court battles. Get legal advice by filling out the contact form below. A prenup in UK law is not automatically legally binding, but will be upheld by a court as long as it meets the qualification criteria set by the Supreme Court and further examined by the Law Commission: this raises the question of whether a prenuptial agreement is even worth spending time and money.
However, if you are undecided, you should remember that the precedent is increasingly moving in favor of maintaining prenuptial agreements, provided they are properly prepared and do not disproportionately favor a party or violate the law on matrimonial matters. This legal contract is concluded before the marriage, as opposed to a post-marital contract (more on this shortly). It establishes the rights of a couple in terms of property, income, debts and other assets acquired individually (e.g. inheritance) or together (e.g. joint purchases). 7. Both parties must have received independent legal advice at the time of conclusion of the contract, which also included the following advice: Currently, however, marriage and post-marriage contracts are not technically legally binding. The answer is that only Parliament can make marriage contracts legally binding in the UK, but in Radmacher v Granatino, the Supreme Court ruled: In summary, you must receive a prenup before you are legally married, but you can get a postnup at any time after the wedding.
To this end, in July 2016, the Family Justice Council (FJA) released new guidelines on financial requirements for divorce for courts and legal counsel. You can read it here. FJA also created a guide, Sorting Finances in divorce, for the separation of couples, to help them better understand the principles of sharing their own finances fairly and the principles a judge would use to decide for them. The content of this article is provided for general information purposes only. The information contained in this article does not constitute legal or professional advice. If you need legal or professional advice, you should seek advice from qualified family law lawyers such as those at our firm. Unlike many jurisdictions around the world, marriage contracts in the UK are still not legally binding. This is despite decades of campaigning for marriage contracts to gain legal recognition. In the past, prenups were seen as a way for very wealthy people to protect their assets from their less wealthy partner in the event of divorce.