01/05/2006
Thinking of making a pre-nuptial agreement?
THINKING OF MAKING A PRE-NUPTIAL AGREEMENT ?
Local solicitor, Sophie Hughes provides some practical help
Once the preserve of the rich and famous in Hollywood, the pre-nuptial agreement is now available to all, clearly setting out the husband and wife’s financial positions at the outset of the marriage.
1. Find yourself a specialist Family Law Solicitor. There is Resolution, the new name for the Solicitors Family Law Association (01689 820272) and The Law Society (0870 606 6575) also holds a list of family law panel members.
2. Remember both of you cannot instruct a solicitor jointly. The most cost effective way would be for one or other party to instruct a solicitor to draw up the agreement and the other party then simply to employ a solicitor to go through that agreement when it has been drafted.
3. Most solicitors will charge for a pre-nuptial agreement on the basis of the time it takes to draw it up and the complexity of the financial issues involved. Take with you details of all your assets – those in your sole name, your future husband/wife’s name and any joint assets. Think about what you want to see happen to the assets and any that may be acquired during marriage. What are your incomes and who is going to pay for what?
4. Think about personal possessions and sort out any in particular that you would definitely want to keep.
5. Remember a pre-nuptial agreement cannot cover all eventualities – but as well as divorce it can cover other life changing events like having children, redundancy, illness or disability.
6. Think of making the pre-nuptial agreement well in advance – not on the eve of the wedding! Once it has been signed up and you both have copies put the original in a safe place – and hopefully you will never have to refer to it again – but at least you can start married life safe in the knowledge that a firm foundation of trust – certainly in relation to financial matters has been established.
Sophie Hughes is a Partner & Head of Family Law Department with Watkins & Gunn Solicitors and is an Accredited Specialist of Resolution (Solicitors Family Law Association) in Small & Large Money Cases.
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