The Rise of Postnuptial Agreements - Southampton Row Solicitors London, Family Law Department investigates.
Prenuptial agreements specify how a married couple's assets will be allocated in the event of a divorce, but they have several key drawbacks. A prenuptial agreement is usually entered into when a marriage is imminent, but this means that the couple often has limited time in which to work with family law solicitors to craft the agreement. In addition, this pre-wedding period is understandably occupied with preparing for the wedding ceremony and reception. The bride and groom can hardly be expected to solve complex legal matters in the best manner possible when their attention is continually drawn away by the hundreds of details involved in planning an event of this significance.
Couples used to have only two options for the division of their assets in the event of a divorce: a prenuptial agreement or a court-imposed settlement. That has now changed thanks to a recent decision by the Law Lords. Following the case of MacLeod v MacLeod on 17 December 2008, the 'old rule' which provided that Post-Nuptial Agreements were contrary to public policy (for fear they would undermine the institution of marriage) has now been abolished. Now, couples are free to enter into an agreement after marriage. .
Requirements for Postnuptial Agreements
'Post-nups' will now be considered binding on both the husband and the wife as long as certain conditions are met, so it is important to stress they are not automatically all binding, and the Family Court retains its discretion and overarching power to vary terms agreed between spouses. However this case means that such agreements are potentially binding and provided certain criteria are met and the terms are not manifestly unfair, they can be upheld as valid contracts. The Court does of course retain its overriding jurisdiction to determine that appropriate provision has been made for any child of the family.
Benefits of a Postnuptial Agreement at Southampton Row Solicitors
Prenuptial solicitors will press for all parts of an agreement to be finalised prior to the wedding ceremony, but with the recent Law Lords ruling, no rush is necessary. The old proverb "marry in haste, repent at leisure," applies here, though it should be reworded to read, "negotiate in haste, repent at leisure."
Southampton Row Solicitors, London family law department has extensive experience in postnuptial agreements. Based in London, the firm also serves Surrey, Berkshire, and the Home Counties.
