Pre-Marital Agreements or PMA’s used to be associated solely with wealthy couples, until people began to realise how sensible it is to protect their interests in the event of their marriage ending. PMA’s, apart from giving personal security, can help to smooth separation and divorce and also reduce the stress caused should their marriage come to that. We are able to offer appropriate advice and negotiate agreements that will fit your requirements.
A PMA is an agreement reached between two people who intend to marry and who wish to organise their legal position if they subsequently divorce.
A PMA IS NOT LEGALLY BINDING IN THE UK, EVEN THOUGH THEY ARE IN SOME EUROPEAN COUNTRIES.
HOWEVER, THEY ARE INFLUENTIAL IN ASSESSING THE DIVISION OF INCOME AND ASSETS.
PMA’s mainly cover the division of property, bank accounts, insurance policies, shares or other assets owned solely or jointly by the parties. The PMA can also provide for the payment of maintenance by one party to the other, it can fix the level of maintenance and the length of time which maintenance is paid. It can determine not only the ownership of property but also occupation of a home and its duration.
It is crucial to a PMA that both parties are independently represented by separate solicitors. It is also important that neither party is put under any unreasonable pressure to agree to the terms of the PMA. Additionally, there should be a complete disclosure to each other, of the parties’ financial circumstances.
If these elements are not present in a PMA it will have no binding effect and will not even be treated as “an agreement.”