What is a pre-nuptial agreement (PNA)?
A PNA is an agreement made by a couple before they marry concerning the ownership of their respective assets should the marriage fail.
A pre-nuptial agreement (PNA) or pre-nup provides financial clarity before a marriage. It details the assets belonging to each party i.e. the financial assets that they already have. This offers each party protection in the event that the marriage breaks down as the PNA will lay out how the assets should be divided.
A PNA is often used in cases where:
- One party has more assets than the other.
- There is a family business.
- Both parties are wealthy.
You should be aware that PNA’s are not currently recognised under English law.
However, where each party obtained independent legal advice and the correct procedure was followed a Court would be more likely to uphold and give weight to the agreement reached. For this reason, it is important that early advice is obtained.
For a straightforward assessment of whether a pre-nuptial agreement is right for you then contact one of our experienced Family Law team.