Nobody enters into a marriage or civil partnership intending to get divorced, however many couples prefer to prepare for the possibility of a relationship breakdown, and prenuptial agreements are becoming a normal part of preparing for marriage or a civil partnership.
Prenuptial agreements are formal written documents, that outline what will happen to certain assets, should the marriage breakdown.
They essentially aim to ringfence some assets in order to stop them from becoming matrimonial property. This means they won’t be able to be shared in the event of a divorce.
Prenuptial agreements are legally binding in Scotland, which is why it’s important that you seek the advice of an experienced solicitor before entering into one.
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Matrimonial property refers to any assets acquired or accumulated during the marriage. This could include property, savings, inheritance, investments, or debts.
Non-matrimonial property would be assets acquired or accumulated before the marriage. However, this can become complicated when non-matrimonial assets are moved around during the marriage.
When this happens, essentially you are converting assets into matrimonial property. However, a prenuptial agreement seeks to block this from happening.
In general, prenuptial agreements are Scotland are upheld. This is, however, on the basis that they meet certain criteria:
In the event the prenuptial agreement does not meet these requirements, there is a chance it could be overturned. That’s why it’s vital that you attain expert legal advice before entering into a prenuptial agreement.
Neil Kilcoyne & Co. Solicitors offers specialist and expert legal advice to people who are going through divorce and separation, marriage and relationship breakdowns. For a free telephone consultation, call us today.
Neil Kilcoyne and Co. Solicitors have a wealth of experience in family law, including post-nuptial agreements and separation agreements. We can guide you through this process, and secure an agreement that works for you.
Get in touch with us today to speak to an award-winning solicitor about your prenuptial agreement.
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Any sort of arrangements can be included in a prenuptial agreement, these include:
A prenuptial agreement gives both parties clarity on what will happen in the event of separation or divorce. It can be assumed that they are mainly for the very wealthy, however they can be particularly beneficial for couples who are marrying later in life or for the second time to protect any inherited of gifted assets in the future.
Our prenuptial agreement solicitors advise mentioning it early on in your relationship and make sure that it is signed and agreed upon well in advance of the wedding. We highly recommend obtaining independent legal advice before signing the agreement.
There is an option to enter a postnuptial agreement after you are married, however, there is a risk that if you wait until then, your new spouse may not want to sign.