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Wednesday, 19 July 2017

Planning your wedding? Don’t forget the pre-nup!

prenuptial agreement wedding rings AdobeStock_127773221Wedding season is in full swing and many couples are busy organising their wedding venue, decorations, videographer and photographer and much more. The only financial security usually obtained is wedding insurance but there is a much bigger picture to consider.

No-one likes to think about the worst case scenario especially whilst planning what should be the happiest day of their lives. However, consideration should be given to a pre-nuptial agreement which if completed correctly can be your insurance for your future and can protect your assets.

The law relating to marital finances on divorce in England and Wales is complex. Judges have a very wide discretion and can make a range of orders that it deems fair and appropriate after considering all the circumstances of the case.

In the recent case of Sharp v Sharp [2017] EWCA Civ 408, the Court of Appeal held that it was not fair to apply the equal sharing principle providing for a 50/50 split of the matrimonial assets due to various reasons one of which being the short length of the marriage. Mrs Sharp’s appeal was successful and Mr Sharp’s original award was reduced by £725,000.

A pre-nuptial agreement is not legally binding, however, they started to carry more weight since the case of Radmacher v Granatino [2010] UKSC 42, when it was confirmed that

“The court should give effect to a nuptial agreement that is freely entered into by each party with a full appreciation of its implications unless in the circumstances prevailing it would be fair not to hold the parties to their agreement”. This means that the pre-nuptial agreement should be upheld provided certain formalities have been complied with and the agreement is fair.

Include a pre-nuptial agreement in your wedding planning so that you and your partner can decide what happens to your finances in the unfortunate event that the marriage breaks down otherwise you may be left with a large legal costs bill and an unfavourable decision.

If you would like to know more about the benefits of a pre-nuptial agreement and the legal formalities and procedure involved, please do not hesitate to contact Sarah Wasaya for an initial consultation.

Sarah Wasaya

Associate Solicitor

Resolution Accredited Specialist in Family Law

Email: swasaya@rollingsons.co.uk

Direct Dial: 0207 611 4812