Say Yes to a ‘Prenup?’
With Valentine’s Day just around the corner, love is in the air. For some, the question will be popped while for others, wedding bells will be ringing.
If you are set to tie the knot or get engaged, it’s worth looking beyond the big day itself. Yes, it’s about the dress, the first dance and the flowers but what about the rest of your lives?
Despite misconceptions, prenuptial agreements (‘prenups’) are not reserved for the rich and famous. In fact, they are becoming increasingly common in Scotland where they have been legally recognised in law for centuries.
So do you need one?
There are many situations where a prenup is worth considering.
Perhaps one of you is paying the deposit for the purchase of your home (using funds acquired before you met) and would like to ring-fence those funds, or maybe a family member is gifting the deposit.
Alternatively, one of you might own a share in a business and the other business owners wish to ensure that, going forwards, the new spouse would have no claim to the business if the marriage ends.
Prenups are also useful if you are marrying later in life, having already acquired your own capital, such as properties, savings and pensions. Similarly, if this is your second marriage, you wish to protect your existing assets for the benefit of your children.
As well as giving clarity on the treatment of certain financial matters, prenups also save on future legal fees in the event of a divorce.
What conditions need to be met?
First off, if you are considering a prenup, seek specialist legal advice as early as possible. This is not something you should prepare yourself!
For the courts in Scotland to recognise a prenup, certain conditions must be met:
- The agreement must be fair and reasonable at the time it was entered into;
- Both parties must have independent legal advice before signing the prenup;
- Neither party should be put under any duress to sign; and
- It should be prepared and signed as far in advance of the wedding date as possible.
If you think you would benefit from having a prenup prepared, get in touch with Amanda for an initial, no-obligation chat – call 01382 219004 or 07596 322 396, email email@example.com or visit www.amandawilsonfamilylaw.co.uk.