We get the latest specialist advice from JCP Solicitors, which has an office in Caerphilly. Philippa Buckland, an Associate Solicitor in the Family team at JCP Solicitors advises a young athlete about a pre-nuptial agreement.
I am in the early years of my professional football career and a team-mate has suggested I get a pre-nuptial agreement before my partner and I wed next year. Is this necessary?
Many young professional athletes are urged to enter into pre-nups to protect their career and earnings if they are considering marrying. In fact, a pre-nup can bring an added sense of security and stability to all parties. A pre-nup is simply an agreement between the adults in an intended marriage that seeks to clearly regulate their financial affairs, in the event of a relationship breakdown. As long as the agreement reached is fair to both parties it can be used to help ring-fence certain assets from potentially being dragged into divorce proceedings as a matrimonial assets. Crucially, pre-nuptial agreements can also incorporate non-disclosure clauses to set ground rules regarding things like media exposés and social media. These agreements are not yet legally binding in England and Wales. However, as long as certain key criteria are met, pre-nups are increasingly persuasive should the couple end up litigating their financial affairs upon Divorce.
They should be:
• Procedurally and substantively fair – it cannot be obviously unfair to your partner and it must cater for the needs of any future children
• Freely entered into and made by deed
• Made at least 28 days before the wedding and preferably far in advance of it
• Both parties must have received, at the time of the making of the agreement, full disclosure about the other party’s financial situation with each party’s assets and income schedules being annexed to the agreement
• Both parties must have received legal advice during the drafting of the agreement, with certificates signed by the parties’ respective lawyers being annexed to the agreement
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The question posed is based upon a hypothetical situation. This content does not constitute legal advice and is provided for general information purposes only.