Safeguards for the Effective Implementation of a Prenuptial Agreement
The Court of Appeal in the UK has made a representation which when implemented will certainly be a big step towards the cognizance of pre-nuptial agreements. As per the law of the land, pre nuptial agreements are not considered to be legally binding on the parties involved. The law has often been misrepresented when it comes to the interpretation of pre nuptial agreements in the UK. It has also faced quite a bit of criticism when it comes to controlling one’s financial affairs when a couple decides to tie the knot and thereby avoid the risk of landing up in an expensive divorce suit.
Legal commentators believe that the law on pre-nuptial agreements are likely to undergo a change which will inevitably bring about a change in the way these agreements are handled. There is indication that these agreements would be considered to be binding except in unusual circumstances or in situations in which there are adequate reasons to disregard the existence of such an agreement.
Till the time, the British Parliament makes a formal legislation on the topic, the Law Commission is supposed to furnish a report by 2012. Prenuptial agreements would not be considered to be legal and therefore their status uncertain till that point.
Divorce lawyers know that certain minimum safeguards need to be met in order to implement a pre-nuptial agreement. The guidelines have been set out ages ago and they include:
- Both the parties involve should include legal advice independently
- Complete financial disclosure by taking help from property solicitors
- The provisions must be clearly laid out for children
- The agreement must have been framed and implemented 21 days before the wedding day
The court needs to be sure of the fact that a pre nuptial agreement is framed after both the parties consent to it. There have been instances when the agreement was drawn upon the insistence of one of the partners, the one who had the larger share of assets under his/her name. The one hitch with these agreements is the fact that no one can predict whether a union would become bitter in the longer run.
No one can stop a couple from drafting their own prenuptial agreement. But couples who opt for such a contract should better resort to professional help from lawyers who specialise in marital and divorce laws. The terms and conditions should be checked well by both the parties before signing the document.
Prenuptial agreements are regarded as a kind of guideline in the matters, especially finances, when marital discord ends up causing a split in the relationship. When a divorce case is filed in the courts, several factors are taken into account. A study shows that 50% of all the weddings in UK end up in divorce. This holds true for wealthy people who would want an equal division of the property in question and therefore keep their share of the property intact under all circumstances. This can be possible only with the help of a well drafted prenuptial agreement.
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