Before a couple enter into a marriage or a civil partnership, they may want to consider drawing up a pre-nuptial agreement to set out how assets should be divided should their relationship breakdown in the future.
Previously, pre-nuptial agreements (sometimes known as ante-nuptial agreements) were only popular when one half of a couple was worth substantially more than the other. This is, of course, still the case, as with a prenup in place the finances and assets of that person would be protected in the event of a divorce. Indeed, divorce settlements can be potentially devastating, and in some cases all matrimonial property must split equally, regardless of who originally earned the money or owned a property.
However, with 1 in 3 marriages now ending in divorce, prenups are becoming an increasingly popular tool for those wanting to safeguard their financial matters. This rise is also being assisted by the fact so many divorcees are going on to marry again. In such cases, it is highly regular for someone to want to ring fence their assets, preserving them for children they have had in previous relationships.
How To Get A Prenup in Scotland.
When it comes to getting a prenup, the first thing to remember is that there can be issues surrounding legitimacy and enforceability. In Scotland, as long as a pre-nuptial agreement has been properly drawn up, it is generally considered to be a legal contract that must be enforced. In England, however, the law is slightly less clear-cut. This can prove to be difficult, particularly if one party has assets both sides of the border.
That is why it is so important to seek legal help while drafting a prenup, as having a professional to guide you through the process will ensure the document stands up in court.
The first step, therefore, is to contact a solicitor who has a thorough knowledge of drafting pre-nuptial agreements. Some couples like to obtain advice separately, choosing to speak to different lawyers. Your legal expert will then help you to negotiate an agreement that is acceptable to both parties. This should ideally be done well before the wedding date (around 3 months before) or it could be argued in court that either party was under stress at the time of signing and was not given enough time to properly consider the issue.
Once signed by both parties, the prenup becomes a legally-binding document that provides clarification on just how assets should be allocated in the unfortunate event of a divorce or breakdown of a civil partnership. It is worth remembering, however, that it will be necessary to revise the agreement throughout the course of your marriage - particularly if there is a dramatic change in circumstances (for example, a child is born, or one party inherits a substantial amount of money).
Author Resource:-
Need specialist Family Law Solicitors Edinburgh?
McKay Norwell are Edinburgh Lawyers serving individual and business clients across Scotland.
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