It is always advisable for the parties to enter into a Pre-Nuptial Agreement prior to marriage.
The purpose of a Pre-Nuptial Agreement is to record what both parties would wish to happen to the finances in the event of the unfortunate breakdown of the parties marriage.
Whilst Pre-Nuptial Agreements are not currently legally binding, they can be used as evidence of intention in respect of what the parties would wish to happen to the finances upon the breakdown of the marriage. When entering into a Pre-Nuptial Agreement, the case law suggests that it is strongly advisable that both parties have separate independent legal advice.
It is also advisable that any Pre-Nuptial Agreement is entered into at least 28 days prior to the wedding date. It is also strongly advisable that both parties produce and attach to the Pre-Nuptial Agreement financial disclosure setting out their current financial position.
Pre-Nuptial Agreement can set out very clearly what the parties would wish to happen to their income, capital and pensions, in the event of an unfortunate breakdown of the marriage. This can save the parties significant legal costs later on should divorce proceedings be issued and hopefully allow for matters to be resolved quickly and amicably in accordance with the terms of the Pre-Nuptial Agreement.