Aspects of Prenuptial Agreement that Matter
Getting married is a big event in one’s life and both the partners look forward to some wonderful times ahead. Emotions are at peak and you wish that everything goes ahead the way you have always wanted it to be. However, you do not want to be concerned about the mundane things in life at this point in time and therefore there are a whole lot of issues that are unconsciously dragged under the carpet. It is necessary that both the partners commit equally in a marriage. It is unfair that one person shares more than half of the responsibility while the other partner is free to go about his/her own ways. It helps to have a prenuptial marriage agreement in place before two people tie the knot and thus have financial matters sorted.
Amidst all the hectic preparations that take place prior to the ceremony, it is necessary that both the partners are clear about the different issues including the finances involved. A prenuptial agreement is more of a private agreement between two people thinking of going ahead the matrimonial way. The couple decides a common ground for settlement of financial issues in the event of separation or death. There are three rules that should be followed while framing such an agreement. These include the lead time prior to the wedding, complete disclosure of the clauses and an independent and separate counsel for each of the parties involved.
There are several states in the United States of America that consider such agreements to be legally binding. However, the situation is different in the United Kingdom and therefore not binding. However, the legal scenario has changed to an extent. Earlier, UK courts did not consider pre nuptial agreements while settling divorce cases. But currently they look into its contents before deciding on a case of separation.
The UK courts are all set to review the clauses of the agreement and check the extent to which they were followed. These will include:
- A review of the fact whether both the parties had made a complete and frank disclosure of the assets and the circumstances in which the agreement was made
- The time when the agreement was signed prior to the marriage as agreements signed on D day will not hold much ground
- The court is also likely to consider the fact whether the agreement was signed after a change in the financial circumstances of any one of the parties involved, for example a hike in the salary package of any one of the partners
- Changes after the implementation of the agreement are also taken into account like a hike in the pay package or the inheritance of a fortune
- Whether each of the parties involved took recourse to seeking an independent counsel or a help from a prenuptial lawyer prior to signing the agreement
- Was there any kind of pressure on each of the partners to sign such an agreement?
Though these agreements are not yet binding in the UK, would-be couples are increasingly treading the path just to land up on the safe side in case there is any kind of disharmony in the relationship later on.
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