Pre-nuptial Agreement / Deed

The Pre-nuptial Agreement / Deed is a legal document that is made in contemplation of and conditional upon the intended marriage of Party 1 and Party 2. It is designed to set out the wishes and intentions of the parties regarding their finances and property in order to avoid acrimonious and costly litigation in the event of the breakdown of the marriage. The agreement is binding on the parties and their personal representatives throughout the world, although it may not be enforceable in certain jurisdictions or may require legal representation.

 

The document begins with a preamble that outlines the background and purpose of the agreement. It states that the parties are entering into the agreement to preserve the interests of the person who currently owns or will subsequently receive any interest in the property. The agreement acknowledges that it may not be binding under the laws of the jurisdiction or court in which the parties may divorce in the future, but it should be given the fullest effect as permitted by law.

 

The agreement then proceeds to define various terms used throughout the document, such as 'breakdown of marriage', 'custody', 'property', and 'separate property'. These definitions provide clarity and ensure that both parties have a common understanding of the terms used.

 

The document also includes provisions for independent legal advice, full disclosure of financial information, treatment of pre-marital and post-marital property, the matrimonial home, financial arrangements, custody of children, undertakings, gift or inheritance assets, amendment, costs, entire agreement, governing law, and the breakdown of marriage.

 

The agreement concludes with spaces for the parties to sign and for witnesses to attest to the execution of the document.

 

Each section of the document serves a specific purpose and is carefully drafted to address the legal and financial aspects of the parties' relationship. The agreement provides a comprehensive framework for the parties to protect their interests and ensure a fair and equitable resolution in the event of the breakdown of the marriage.

How to use this document?

1. Seek independent legal advice: It is important for both parties to seek independent legal advice before entering into the Pre-nuptial Agreement / Deed. This ensures that they fully understand the terms and potential effects of the agreement.

2. Make full and frank disclosure: Both parties should make full and frank disclosure of their means and resources, as well as any other relevant circumstances. This information should be summarized in Appendix A of the agreement, along with supporting documentation.

3. Understand the treatment of pre-marital and post-marital property: The agreement distinguishes between pre-marital and post-marital acquired property. It is important for both parties to understand how these types of property will be treated in the event of the breakdown of the marriage.

4. Consider the provisions for the matrimonial home: The agreement includes provisions for the matrimonial home, including the possibility of its sale in the event of a breakdown of the marriage. Both parties should carefully consider these provisions and their implications.

5. Discuss financial arrangements: The agreement addresses financial arrangements, including maintenance and financial self-sufficiency. Both parties should have a clear understanding of their financial obligations and rights under the agreement.

6. Determine custody of children: If there are children born to the parties during the marriage, the agreement provides for joint custody or custody by one party, depending on the circumstances. Both parties should discuss and agree on the custody arrangements.

7. Understand the undertakings: Both parties should understand and accept the financial provisions set out in the agreement. They should also be aware that the provisions in the agreement are intended to be full and final settlement of all claims for income and capital provision arising out of the marriage.

8. Consider gift or inheritance assets: The agreement does not preclude either party from making lifetime gifts, providing for the other by will or otherwise, or inheriting assets. Both parties should consider these possibilities and discuss their intentions.

9. Amendment and costs: Any amendment or variation of the agreement must be recorded in a supplemental deed signed by both parties. Each party is responsible for their own costs and expenses incurred in connection with the agreement.

10. Seek legal advice and understand the governing law: Both parties should seek legal advice and understand that the agreement is governed by the laws of the applicable jurisdiction. They should be aware of the exclusive jurisdiction of the courts and waive any objections to the jurisdiction.

11. Consent order in the event of breakdown of marriage: In the event of a breakdown of the marriage, both parties should submit a consent order to the court, which reflects the financial provisions set out in the agreement. The consent order should state that the provisions are in full and final settlement of all claims for income and capital provision arising out of the marriage.