Wednesday 22 February 2017

The pre-nup agreement

Published 25/01/2012 | 06:00

A pre-nuptial agreement is generally a 10-page document, of which four pages are used to outline the financial assets and liabilities of each party. The remaining pages will contain the legal terms and conditions of the agreement, which will include:

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• The length of the pre-nuptial contract.

• Division of present and future property and what will be considered separate property and jointly acquired property and the division of same.

• Succession-act rights.

• Maintenance.

• Lump-sum payments.

• Pensions.

• Indemnity for debts.

• Costs.

• Proper law and jurisdiction.

• Review.

To stand any chance of being considered by a court, the following key points must be addressed:

• Both parties must receive independent legal advice concerning the effect of the agreement on the breakdown of the marriage and the division of the assets of the parties.

• Full disclosure of each party's financial assets and liabilities.

• A signed acknowledgement that the agreement is to be legally binding.

• Adequate time for consideration.

Both parties must allow themselves time to consider the agreement.

While three months is recommended, a period of six weeks would be sufficient.

Irish Independent

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