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When making plans for their “Big Day” only a small proportion of couples in England consider the possibility of a prenuptial agreement. Most people dismiss the idea as being rather materialistic and unromantic. Sometimes it is simply a sensible thing to do, particularly these days when people tend to marry later and/ or more than once. Many people already have a property or other substantial assets at the time they marry, which they wish to protect in the event of marital breakdown.
A prenuptial agreement sets out in black and white exactly what the couple have agreed will happen in the sad event of the breakdown of their marriage. Hopefully it will never have to be used but, if the marriage does break down, at least both parties will know exactly where they stand. There will be less scope for arguments and acrimony and more chance of them remaining on good terms following their separation and divorce.
Prenuptial agreements are not completely watertight. If there are subsequent divorce proceedings and one party withdraws from the agreement, the court is not bound to follow the terms of the prenuptial agreement unless the Judge considers it appropriate to do so. The Judge is much more likely to uphold the terms of a prenuptial agreement if both parties made full disclosure of their financial circumstances to each other and took independent legal advice at the time they entered into the agreement. The agreement should also make provision for children and be signed at least twenty-eight days before the wedding.
The recent Court of Appeal case of Radmacher v Granatino has increased the prospects of some prenuptial agreements being upheld by the Court.