A guide from FDC Law to the purpose of a prenuptial agreement

Prenuptial agreements are those which couples can choose to sign before they either get married, or enter into a civil partnership. The main purpose behind this agreement, according to FDC Law, is to set out the basis on which the two people involved will divide up their assets, if or when their marriage or civil partnership comes to an end.

With prenuptials, the primary concern is usually with the assets which one or both of the people owns before getting married. Wealthy people will sometimes choose to have a prenuptial agreement made up to protect their assets from a potentially opportunistic spouse. For anyone who is bringing a significant amount of assets into the marriage, and for whom there is a large difference between their own assets and their partners, a prenuptial agreement, FDC Law says, is a good idea. FDC Law

A couple will usually have their prenuptial agreement tailored to their own particular circumstances, however, more often than not the main focus of such an agreement will be on the respective assets of each partner. According to FDC Law, it is common for there to be an inventory of each person’s assets, and the agreement will normally include clauses which detail how the assets are to be dealt with, should the marriage end. There will also be a list of assets named in the agreement, which will continue to belong to that person only.

Sometimes, the prenuptial agreement will also include details relating to financial arrangements for children following a divorce. However, FDC Law says that these details are not always enforceable, as the courts will examine any matters relating to children with particular scrutiny, and would not allow for the enforcement of any terms which are not in the best interests of the children.

When considering the fairness of a prenuptial agreement, the courts will take into account factors such as whether the spouse who is contesting the agreement fully understood it when they signed, and whether that spouse had the benefit of independent legal advice regarding the content and the effects of the prenuptial. FDC Law experts say that the courts may also take into account whether the spouse was given enough time to evaluate the document, and lastly, whether they were coerced into signing it.

FDC Law explains how co-habitation agreements work

Co-habitation agreements are a sensible way of clearly recording what each person in a relationship has agreed to. Should they ever spilt up, FDC Law experts say that this agreement can help to prevent costly arguments, as the terms to which they both agreed will be within this legal document. It’s important to note that co-habitation agreements are not legally binding unless the contract is drawn up as a deed; this is a formal legal document, and needs to be created by a solicitor.

Although FDC Law says that almost any promises can be included in a co-habitation agreement, most will include promises relating to who pays for what and how the two people intend to share the home. They can also include what should happen to their shared assets if they decide to split up.

According to FDC Law, there are several benefits to having a co-habitation agreement drawn up. Firstly, it can help the couple to deal with important issues from the outset, thus avoiding more serious arguments at a later stage. It can also help both people to consider what their future together is, and if they do split up and decide to go to court, the agreement can make the process far more straightforward, as generally speaking, the court will usually uphold the terms of the co-habitation deed. FDC Law

Although a less formal agreement can be drawn up without a solicitor, it’s a good idea for both people involved to seek legal advice before they sign their names to a document, to make sure that it covers all of the important aspects of their relationship and living arrangements. However, FDC Law experts also point out that even a legally binding co-habitation agreement, drawn by a solicitor may not be enforceable in court, if the couple have a child, change jobs or change their living arrangements after signing the contract. Because of this, it’s a good idea, FDC Law says, to review the agreement every couple of years, to ensure that it still meets the needs of those involved and is fair.