Pre-Nuptial Agreement/Cohabitation Agreements
In the United Kingdom, it is estimated that 1 in 3 marriages end in divorce and the number of cohabiting relationships that fail is not much more greater than that.
It is as a result of these facts that it is advisable to enter into a Pre-Nuptial Agreement/Cohabitation Agreement. Both of these agreements work on the same principle i.e. setting in place an agreement before the parties marry each other, cohabit or form a civil partnership.
In relation to Cohabitation Agreements, although they are generally not enforceable per se, if they follow the principles of contract the Courts have shown a willingness to enforce them.
In relation to Pre-Nuptial Agreements, although the Courts have traditionally indicated they are not enforceable, for some time the Courts have edged towards enforcing them and more recently, the Courts have given their clearest indication yet of their enforceability. However, in light of the millions of pounds involved between the parties, it is likely that an appeal will be forthcoming!
Until then, in any event it is safe to say, in order for the Courts to consider whether each agreement is enforceable, it seems there are a number of pre-requisites which each agreement must comply with;
Pre-Nuptial Agreements:
- There must be full financial disclosure between the parties.
- Each party must have obtained independent legal advice before entering into the agreement.
- The agreement must be signed 21 days or more before the marriage takes place.
- It is advisable for the agreement to be signed as a deed i.e. by both parties and witnessed.
Cohabitation Agreements:
- The agreement must follow general contractual guidelines.
- There should be full financial disclosure between the parties.
- Each party should have obtained independent legal advice before entering into the agreement.
- Again it is advisable for the agreement to be signed as a deed.
Whitestone Solicitors can prepare both types of agreement for you