Pre- Marital or Pre Nuptial Agreements ( “PNA”) are entered into in contemplation of marriage and aim to regulate what should happen in the event of relationship breakdown.
Although not automatically enforceable under English law, they can be a strong magnetic factor in the outcome of a divorce. They are increasingly being given more weight and prominence by the English courts where PNAs’ have been upheld in a number of recent high profile cases before the Court of Appeal.
What are the main benefits ?
- Protection of pre marital and inherited assets
- Wealth protection for parties contemplating a 2nd or 3rd marriage
- Safeguard of Estate assets for benefit of children and grandchildren
- Influencing outcomes in divorce particularly in short marriages
- Can be reviewed and varied in the advent of children being born, disability or longevity of marriage
- Useful for foreign nationals from countries where PNA’s are commonplace intending to reside in the UK
- Moderate cost of negotiation/preparation compared with expense of full blown litigation in divorce
What are the main requirements for a valid PNA?
- Independent legal advice
- Disclosure summary
- Intention to be legally binding
- Absence of pressure or duress
- Sign up not less than 21 days before nuptial ceremony
- Inherent fairness of PNA
We particularly commend PNA’s for a young couple both wishing to protect capital separately acquired or perhaps a substantial inheritance, and those contemplating a second marriage anxious to protect assets for the future benefit of their children . A PNA could also serve the interests of entrepreneurs and owners of private businesses wishing to protect shareholdings/ capital invested in a business.
For further information contact any member of our legal team on 01483 570810 or email info@crispandco.com.
