Legal News
Law Commission proposes legally binding pre-nups (28 February 2014)
Date: 28/02/2014
Family solicitors have welcomed the news that pre-nuptials are set to become legally binding following recommendations by the Law Commissions that aim to reduce the amount of costly divorce battles and give splitting couples piece of mind.
The much anticipated report, which took three years to collate, includes a new bill which if passed in to law, will finally enable couples to make legally binding agreements prior to marriage regarding how their assets are split in the event of a break up.
The legislation essentially makes the “qualifying” pre-nups binding if they are signed a month prior to the wedding and they involve no undue influence or fraud. The agreement will also include a statement that outlines the fact that financial orders will no longer be entirely at the court's discretion. Both parties must also have made full disclosure and taken legal advice.
Law Commissioner for trust law, family and property, Professor Elizabeth Cook welcomed the news. She said” “We believe that married couples and civil partners should have the power to decide their own financial arrangements, but should not be able to contract out their other responsibilities for each other's financial needs, or for their children.”
Mrs Cooke added: “Qualifying nuptial agreements would give couples autonomy and control, and make the financial outcome of separation more predictable.”
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