According to recent reports The Duchess of York, Sarah Ferguson has indicated that re-marriage may be on the horizon for her and Prince Andrew.
They have been the subject of much talk in the press since their Divorce was finalised in 1996. It has been reported that the royal couple maintained good relations following their separation for the sake of their daughters Princesses Eugenie and Beatrice.
Considering a second marriage can be a difficult step to take, particularly following an acrimonious or stressful divorce or where Children are involved. Couples considering re-marriage are likely to be older and more financially settled and they may therefore have concerns about how financial matters may be dealt with upon separation in the future.
Such concerns can be managed through the use of a formal agreement such as a Pre-Nuptial Agreement. Such a document will record the financial circumstances of both parties at the time of re-marriage. It will also record how the couple would wish to deal with their assets, liabilities, income and pensions upon subsequent divorce. Whilst some people might find the idea of a Pre-Nuptial Agreement unromantic it is a sensible and proactive way to seek to protect your financial position for the future.
In England and Wales Pre-Nups are not legally binding but they are likely to be upheld provided certain criteria are met. In particular, it is important that both parties should seek their own independent legal advice and provide full disclosure as to their financial circumstances. The couple must enter into the agreement freely and well before the wedding – certainly at least 21 days in advance. Assuming that the Pre-Nuptial Agreement is fair, gives reasonable provision for children and is regularly reviewed (say every 5 years and following the birth of each child) it is likely to be upheld by the Court upon a subsequent divorce.
If you are considering entering into a Pre-Nuptial Agreement, legal advice should be sought from a specialist Family Law Solicitor.
By Amy Harris.
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