4. Pre-nuptial Agreements
It may seem strange and unromantic that before you are even married, you might want to make an agreement with your partner setting out your financial obligations to each other in the event of problems in your marriage. Pre-nuptial agreements may be a consideration for couples for a number of reasons such as where there is one wealthier partner or when it is a second marriage for a person who has children from a previous marriage who wishes to preserve their property and/or assets for their children.
There are a growing number of couples entering into pre-nuptial agreements as a realistic and positive step. These agreements can provide certainty in the relationship which can avoid future disagreements.
Although pre-nuptial agreements are not presently enforceable in the English Courts, the courts are recognising the importance of these agreements and whilst they are not binding, the courts will take the terms into account when deciding on how the assets should be divided. The Law Commission will be considering these this year with the intention that legislation will be introduced in 2012.
At the same time as making a pre-nuptial agreement, you should also consider making or reviewing your will and our Wills and Probate Department will be able to advise you on this and prepare a will on your behalf.