Solicitors at Drummond Miller are experienced in providing advice to clients who are planning to marry, and may wish to try and protect pre-marital assets acquired by one or both parties.
What is a prenuptial agreement?
Prenuptial agreements have become increasingly common in Scotland. A prenuptial agreement is entered into before marriage, with the aim of providing financial certainty and security in the event that the marriage doesn't work out.
Divorce can bring about terrible uncertainty and conflict. A prenuptial agreement can help mitigate some of the uncertainty it can cause.
There is a misconception that a prenuptial agreement is just for the rich, but actually the most common type is designed to protect premarital wealth for anyone who has assets acquired before the marriage which they would wish to protect: this may be a house, savings, shares or business interests.
How does a prenuptial agreement work?
A prenuptial agreement is something that you and your partner enter into having each taken independent legal advice. It is an agreement about how to divide assets and wealth between you in the event of a divorce.
It is important that a prenuptial agreement is expertly prepared because it is a legally binding agreement that needs to be comprehensive and not prone to future challenge. It is strongly advised, therefore, that you use a professional legal firm such as Drummond Miller, with the relevant expertise to draw up your prenuptial agreement, to ensure it is enforceable if that should be necessary in the future.
How does a prenuptial agreement differ from a postnuptial agreement?
The key difference between these two types of agreement is the date of creation. A prenuptial agreement is prepared before a couple is joined by marriage, and a postnuptial agreement is prepared after the marriage has taken place. They both have the same intention of protecting the assets of those involved.
Are they valid under Scots law?
A prenuptial and postnuptial agreement is yet to be fully challenged in the Scottish courts, but there is a broad consensus that postnuptial and prenuptial agreements are enforceable, so long as it was fair and reasonable when it was entered into. A solicitor can help to make sure these criteria are all met, ensuring the agreement is enforceable by law.
Why do you need legal help with your prenuptial or postnuptial agreement?
It is highly advisable that you seek professional legal support if you are looking into forming a prenuptial or postnuptial agreement with your partner.
If you have no experience drawing up a contract as complicated as a prenuptial or postnuptial agreement, then it’s hard to know where to even begin.
A specialist can talk you through a clear step-by-step plan to drawing up and formalising your agreement. You can get clarity and guidance from a third party who is unbiased.
This can be invaluable in helping you and your partner to ensure that you cover everything you own or are soon to own. You get clarity and peace of mind both when drawing up the contract, and if it ever needed to be used.