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27/02/2014
Law Commission Recommend Legally Binding 'Pre-Nups'
Legally binding pre-nuptial agreements will allow couples to set down agreements governing their financial situations should they divorce, the Law Commission has said.
The Commission has produced a reported that recommends making the agreements legally binding, a move that would help people fairly distribute, or protect, particular assets in divorce proceedings.
A number of conditions would need to be met in order to guarantee the agreements legality. These would include:
• Both partners must have had legal advice
• Both partners must have disclosed all relevant information about their finances
• A pre-nuptial agreement must have been made at least 28 days before the wedding or civil partnership.
Currently, agreements made between couples getting married or entering civil partnerships can make agreements on property and finances, however these cannot be enforced as contracts and cannot take away the courts' powers to make orders.
The report report recommends that legislation be enacted to introduce "qualifying nuptial agreements".
It explained: "These would be enforceable contracts, not subject to the scrutiny of the courts, which would enable couples to make binding arrangements about the financial consequences of divorce or dissolution."
The full report can be read at the here.
(MH/JP)
The Commission has produced a reported that recommends making the agreements legally binding, a move that would help people fairly distribute, or protect, particular assets in divorce proceedings.
A number of conditions would need to be met in order to guarantee the agreements legality. These would include:
• Both partners must have had legal advice
• Both partners must have disclosed all relevant information about their finances
• A pre-nuptial agreement must have been made at least 28 days before the wedding or civil partnership.
Currently, agreements made between couples getting married or entering civil partnerships can make agreements on property and finances, however these cannot be enforced as contracts and cannot take away the courts' powers to make orders.
The report report recommends that legislation be enacted to introduce "qualifying nuptial agreements".
It explained: "These would be enforceable contracts, not subject to the scrutiny of the courts, which would enable couples to make binding arrangements about the financial consequences of divorce or dissolution."
The full report can be read at the here.
(MH/JP)
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