Almost 250,000 marriages take place in the UK each year. Although living together is now a growing trend, marriage rates for those aged 65 and over have increased by 56%! For many in this age group, they will own their own home outright and, possibly, will have built up a healthy pension pot. For some, this will be a second marriage after perhaps a bereavement or divorce. In such cases, there is often a wish to protect assets owned before the marriage and this is where a Prenuptial Agreement can be useful.
Prenuptial Agreements are not strictly binding on the Court in the event of a later divorce but it is likely that a Prenuptial Agreement will be respected by the Court unless the effect would be unfair. It is good practice to get the agreement finalised in good time before the wedding ceremony so that neither party feels undue pressure to agree to anything.
A Prenuptial Agreement is a document drawn up for your particular circumstances so it can cover almost anything you want it to. For example, what would happen to property that either of you brought into the marriage, what would happen to any saved money earned during the marriage, pensions and what kind of events might require the agreement to be reviewed in the future.
Both parties will need to set out their financial circumstances in full and take independent legal advice on the agreement and its effects in order to do the best job of ensuring that the Court would not consider the agreement to be unfair. You can negotiate an agreement using Mediation or Collaborative Law, or more traditionally by using solicitors to talk to each other on your instructions. Your Family Lawyer will help you find the process most suitable for you.
Spire Solicitors LLP has an experienced Family Law team who can guide you through this process. For more information, contact Amanda Maruca at our Aylsham office on 01263 732123.
