It is impossible to fully predict how a judge can decide on a financial transaction, so concluding a marriage is a good way to avoid uncertainty. It is increasingly common for people of retirement age to remarry a second or even a third time to protect their wealth. You may have memorized an important nest egg that you want to leave for your children as heredity. A marriage contract can protect these savings from divorce. There is a prejudice that a marriage agreement puts a marriage on the wrong foot and actually increases the likelihood of a divorce later. It`s not true. A recent YouGov poll showed that for the majority of people, knowing what would happen if a marriage were to end actually makes no difference to the chances of that happening. Only 18% of respondents said they felt it would increase the chances of divorce. Pre-married agreements allow couples to decide how they distribute their assets when they are divorced. You could look at the statistics and see the idea of getting a marriage deal that is far away in the UK, just like insurance for critical illnesses – unpleasant and hopefully useless, but useful to have it in the worst case scenario.
Once your marriage contract is established and you and your partner are both satisfied, the hope is that you will get married and never have to think about it again. Marriage agreements can provide a degree of security and ways to protect pre-marital patrimony, inheritance and existing family obligations, such as children from previous marriages. In the strict sense of the law, marital agreements are not applicable in British courts. Nevertheless, British judges most often give considerable weight to marital agreements in proceedings and will largely try to maintain them, unless there are problems with it, and they have been developed and signed with the right precautions and considerations. We look at when a marriage deal is a smart idea and if you should have one if you tie the knot in the near future. Yes, it is possible to challenge a marital agreement. However, there must be legitimate reasons for a judge to consider this issue. Agreements that may be subject to appeal may meet one or more of the following criteria: If you and your partner wish to establish a marriage agreement, you should seek legal advice to ensure that any document you sign is legally binding. A marital agreement can be a complex subject that requires many in-depth discussions on topics with which there may be differences of opinion. Mediation is a great way to start your marriage – it`s an option that many don`t know is available to them.
The most common motivation for marriage is when a spouse has many more assets or property before marriage. This means that they will lose much more than others in a divorce scheme of equal size. A spouse may want to protect savings or other assets accumulated years or even decades before the breakdown of marriage. If you marry, you will become a “marital patrimony” and, unless explicitly protected, you may be considered for a division between you in the divorce proceedings.