A pre-nuptial agreement is essentially an agreement made between a couple prior to marriage which sets out how both parties wish for their assets to be divided in the event of a marriage breakdown. A pre-nuptial Agreement can be a useful tool to ensure financial security and avoid complicated litigation to resolve conflict in relation to financial disputes upon the breakdown of a marriage.
Pre nuptial agreements will be held to be valid so long as the agreement is in writing, there was full financial disclosure, neither party was under duress, the needs of children are not prejudiced, there was an adequate ‘cooling off period’ between the agreement and marriage, the agreement is fair and both parties received legal advice.
It is perhaps not the most romantic gesture prior to your wedding day, nonetheless, it is important to be pragmatic and consider that if your marriage breaks down your assets will be vulnerable without a pre nuptial agreement. It is also possible to make a post nuptial agreement, which essentially has the same effect as a pre nuptial agreement. However, it can be more difficult to come to an amicable agreement when a relationship has broken down.
At PA Duffy and Company our family solicitors are highly specialised in drafting these agreements and will be able to ensure that your interests will be protected if the worst should happen and your marriage breaks down.