Pre-nups are for anyone who wishes to protect assets before entering a marriage, they are not just for the rich and famous. A pre-nup could be considered for a variety of reasons; including where a party is marrying for a second time or has children from a previous relationship.
Whilst pre-nups are not legally binding, they carry sufficient weight if they are created and executed correctly. A pre-nup can prevent additional distress and significant legal costs should a marriage break down.
For a pre-nup to carry most weight, certain formalities are a must. Both parties must enter into the agreement of their own free will and without any duress, influence or pressure. They must exchange full and frank financial disclosure to ensure they are both aware of the others financial position. Parties must obtain independent legal advice on the terms of the proposed agreement and any pre-nup must be fair and reasonable. Ideally a pre-nup should be entered into at least three months prior to the wedding.
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