Pre-nups, post-nups, separation agreements and cohabitation agreements are all part of the discussion on the latest Today’s Family Lawyer podcast with Kathryn Cassells of Vaitilingam Kay Solicitors as we deep dive into this increasingly popular world.
As Kathryn quite rightly points out of course, nuptial agreements are not binding contracts in England and Wales and therefore the courts retain the discretion to impose an alternative outcome if it deems it to be more appropriate.
So why could/should we be encouraging our clients to draw up nuptial agreements?
In the first instance, although there is still judicial discretion, where agreements are presented to the courts, there is an increasingly acceptance of their inclusions with Kathyrn citing the Supreme Court decision of Rachmacher v Granatino, which outlined four key points of practice to note
- every party should have received independent legal advice
- there must be financial disclosure
- the agreement has to be entered into freely and more than 28 days before the wedding
- any agreement meet the financial needs of the parties
Needs, as Kathryn reminds us, is an elastic concept and therefore any agreement should account for the financial needs of the parties over the full duration of marriage, not just at the point of entering the agreement.
Other things that should be considered are issues around coercion, especially with the increasingly prevalent risk of domestic abuse and coercive and controlling behaviours; and drafting the nuptial agreement in such a way that it can flex with changing family circumstances and finances.
Ultimately says Kathryn, there is a misconception nuptial agreements are for footballers and the rich and famous and the reality is they are not.
The Today’s Family Lawyer podcast is available on your preferred podcast provider and at www.todaysfamilylawyer.co.uk.
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