Prenuptial agreement: protection of property
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About this prenuptial agreement
Nobody enters into marriage or civil partnership expecting it to end. However, all relationships change over time, usually in circumstances that no-one can foresee. Sometimes it is prudent to plan for the worst in the expectation that it won't occur.
This simple pre-marital agreement states that each party will retain the assets, property and possessions he and she each owned when he and she entered into marriage. It has been written for couples for whom financial support from the other is less important, perhaps because the partners have already accumulated enough wealth during their lifetimes to support themselves independently. The document seeks to protect ownership of that wealth, not to ensure one is supported by the other.
Of course, the agreement does provide for assets jointly bought, full disclosure and other elements crucial to acceptability by a court.
Why use this prenuptial agreement
- provides security during and after marriage to both people;
- avoid future disputes over how assets should be split and what each person contributed;
- saves legal costs;
- helps ensure that the people you choose (such as children from an earlier relationship) inherit your wealth;
- prevents your wealth from being given away shortly before break-up;
- helps protect business assets from being split and sold;
- makes a separation less emotionally stressful by removing the need to negotiate over many things.
Is a prenuptial agreement legally binding?
Pre-nuptial agreements are not legally binding. However, a pre-nuptial agreement will, in normal circumstances be taken into consideration by Irish court provided that:
- both people considered and understood the implications of entering into the agreement;
- the agreement was not entered into under duress;
- both people were honest about their wealth at the time of signing;
- the agreement is fair.
It is important to understand that the court retains complete discretion to divide the assets in a financial divorce settlement as it likes. Whether you create your prenup yourself, or ask a solicitor or family law expert to do it for you, there is no guarantee that your wishes will be followed exactly.
Family Law Act 1995 and Family Law (Divorce) Act 1996 set out what a judge should consider when dividing assets. The principles can be applied differently, and the actual outcome will very much depend on the person judging your case. However, a well written, sensible, pre-nuptial agreement is highly likely to influence a judge's decision.
We also stock another prenuptial agreement which covers a much wider range of possible outcomes and which also deals with matters to be agreed during your marriage.
That alternative version enables you to define your intentions over broader areas. There is extensive coverage of property, possessions, investments.
Children arrangements are included, but covered broadly and shortly, because circumstances at divorce can be very different to those at marriage and a judge will make an order based on what he sees at the time.
This agreement covers the following:
- the parties’ personal details;
- relevant dates and application of principles likely to be required by law;
- that property of each party remains his own;
- prevention of one person reducing joint wealth before separation by giving away assets;
- what should happen if one of you should die.
This document was written by a solicitor for Net Lawman. It complies with current Irish law.
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