Prenuptial and Separation Agreements
Prenuptial agreements are agreements entered into freely by individuals planning to marry. This agreement is to provide for what would happen in the event of the marriage breaking down and in particular, what should happen to assets owned by the parties prior to marriage, and the assets accrued during the marriage.
About prenuptial agreements
Previously, the courts have not had any regard for such agreements and accordingly, they were not enforceable. However, it is now accepted that in certain circumstances, prenuptial agreements will be upheld unless there is good reason otherwise. Depending upon complexity, a prenuptial agreement can be prepared in a matter of days for around £250 to £400.
When couples separate, they often wish to reach a clear agreement regarding property, finances and arrangements concerning children even if, in the case of married couples, they do not wish to divorce. A separation agreement is extremely useful in achieving a large degree of certainty between the parties without court involvement. It can provide for the agreed sale of the house, distribution of proceeds, maintenance and any number of other matters, even what should happen with family pets (a surprisingly common and difficult problem).
Before a separation agreement
It is very important before any separation agreement is prepared, for the parties to fully and frankly disclose to the other details of their financial position. This is known as a financial disclosure. This ensures that both parties are fully aware of the overall position before agreeing to anything.
In cases where couples substantially agree matters and all that is required is for financial disclosure to take place and a separation agreement prepared, costs are likely to be between £200 to £400. However, if considerable negotiations are required to achieve agreement, a likely estimate of costs would be between £500 and £750 each.