Monday, 18 April 2011
Marriage is a contract and the best drafted contracts also include terms which relate to dissolving a contract.
The best time to decide to have a prenuptial agreement is pre-marriage (well in advance), when you are feeling positive about each other and when you have each others' interests at heart; not at a time of upset or conflict.
Who should consider pre-nuptial agreements?
The most obvious circumstances are where one or both persons are bringing considerable wealth to the marriage.
They should also be considered where one or both persons have been married previously and have accumulated wealth from the previous marriage. They may wish to protect their wealth for themselves or perhaps children of the previous marriage. Naturally, if future children are intended, then the agreement can contain a clause to deal with this (the law does not recognise pre-nuptial agreements where they are unfair to children of the marriage).
Another category of person who should consider ‘pre-nups’ are those who are intended to inherit wealth from family members and it is the intention that the wealth remains within the family. Marriage would put this wealth at risk and therefore you should give thought to a pre-nuptial agreement in order to protect the wealth and carry out the intention of the person whose wealth you will be inheriting.
For further advice, please contact Victor Collins of Bakewells Solicitors,Derby.
This blog entry is thanks to Martin Jinks,
Partner & Notary, Bakewells Solicitors, Derby.