At present there is no certainty that a Court would implement the financial terms of a nuptial agreement even if one exists.
The Law Commission has recently recommended that these agreements should be legally binding. If the recommendations are taken up, this would mean that ‘pre-nups’ and ‘post-nups’ meeting specific criteria would be binding upon the parties when a marriage or civil partnership comes to an end.
It is proposed that for the agreements to be valid the following criteria must be met:
- Both parties must have fully disclosed their assets;
- They must have received independent legal advice;
- The agreement must be signed at least 28 days before the wedding; and
- The agreement must not involve fraud, undue influence or misrepresentation.
If the agreement provides for the needs of the parties and any children then it will be enforceable and the Court be bound by its terms. Separating couples would therefore have certainty as to how their finances will be divided.
As members of Resolution (www.resolution.org.uk) the family team at Hine Solicitors support these recommendations coming into force.
If you would like to read more on this subject please follow click on the link for a BBC news article below:-