Pre-Nuptial Agreement for Marriage (A239)


 
Pre-Nuptial Agreement for Marriage

When you are planning to marry the last thing you want to consider is the idea that it may not work out.

However it is a very sensible precaution to have a pre-nuptial agreement because if things didn't work out for whatever reason, it can save a lot of the stress and expense associated with a breakup. You can agree how your respective assets will be divided in the event that the marriage does not last, using this prenuptial agreement template. 

The document consists of 6 pages with 11 clauses.


Want more info? - See detailed Explanatory Notes below

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You will find this contract in:

Pre-Nups, Family

 

 

 

 


 

What's in it?

Whilst for obvious reasons we can't show you the actual item before you purchase it, we can do the next best thing. We show you the explanatory notes that go with each contract and, in the case of books and forms, a brief summary. These will give you a good idea of the content of the document before you buy it. 

 

Explanatory Notes

This Prenuptial Agreement contains terms to be agreed by two parties prior to entering into marriage, to address the division of assets that should occur if the marriage is annulled or the parties divorce.

The outcome of divorce proceedings conducted in courts of law are based on factors specific to the parties before the court. Under Section 53(2) of the Law of Property Act 1925, judges will take into account whether it would be unfair for the courts to deprive a party to the marriage of interest in a land or other property to which they have a reasonable entitlement.

In other words, a court will not necessarily treat the terms of a prenuptial agreement as legally binding, but the agreement will certainly be taken into account.  Moreover it does offer a couple the opportunity to set out in writing how they intend to divide their assets should their relationship come to an end and that, in turn, should make divorce or separation a less painful process than it might otherwise be.

As will be seen from the notes below (clause 6), it is important that each party obtains independent legal advice before signing the agreement, not only for their own good, but also because this is more likely to give the agreement credibility in the event of a later divorce.  By using our document, legal fees should certainly be saved. 

Dealing with the specific clauses:

1. DEFINITIONS

This sets out certain capitalised words and phrases which are used in the Contract.  As drafted, no definitions which need to be completed as “Separate property”, “Joint property” and “Matrimonial home” are defined.

2. EFFECTIVENESS OF AGREEMENT

In order to be effective, the two parties who enter into the pre-nuptial agreement must marry.  A timeframe of six months is specified in this clause, failing which the contract becomes unenforceable.

3. PROPERTY AND ASSETS

This is left partly for completion in a Schedule.   From both parties' point of view, it is important to have a clearly written and well-defined scope of services so as to avoid argument as to what is the property of each party.  This clause goes on to detail the way in which separate property, joint property and the matrimonial home will be dealt with following the divorce of the parties or annulment of the marriage.

4. PAYMENTS AFTER DIVORCE OR SEPARATION

This clause is worded in the alternative, and makes provision for circumstances where, on divorce or annulment, neither party is required to make a payment to the other, as well as the contrary – monthly payments from one party to the other for an amount of time specified, with provision for child maintenance payments. Provision is made for recourse to the courts where parties are unable to amicably agree on payment terms.

5. WILLS

This clause requires the parties to bring their pre-nuptial agreement to the attention of the court, and include the terms of their pre-nuptial agreement in any relevant court order. Parties also confirm that each of their wills reflects the terms of the pre-nuptial agreement.

6. UNDERSTANDING AND LEGAL ADVICE

In this clause, each party confirms that he or she has taken independent legal advice prior to entering into the contract, enters into the contract voluntarily and agrees to honour its terms.

7. CONFIDENTIALITY

This requires both parties to keep the terms of the agreement confidential and not disclose them to third parties unless strictly necessary.

8. REVIEW OF AGREEMENT

This clause sets out the circumstances in which the parties will meet to review the terms of the agreement.  Provision is made for reviewing the terms of the agreement when the life circumstances of either party changes (for example, an inability to work or birth of a child), or after the 5th anniversary of the marriage (these terms can, of course, be amended to suit the requirements of the parties concerned) . Provision is made to vary the terms of the contract to reflect agreed changes.

9. DURATION

In order to have legal effect, the contract must remain effective following the divorce or separation of the parties.  This clause makes provision for the contract to survive the parties’ marriage.

10. SEVERABILITY

This clause enables the remainder of the agreement to remain enforceable where a court varies or overturns any part of it.

11. LAW AND JURISDICTION

In particular where the parties to the contract are of different nationalities or resident in different countries, it is sensible to specify the governing law - i.e. the law of the country which will be referred to in interpreting the contract if a dispute arises which cannot be amicably resolved.  The clause also requires each party to give consideration to a request from the other party to enter mediation proceedings.

For general guidance on preparing and signing contracts please see our notes at http://www.contractstore.com/signing_contracts

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