What's yours is mine... Or is it?

On divorce, the Court must take into account ‘all of the circumstances of the case’ in addition to a number of factors when deciding how the matrimonial assets should be split. This means that where a married couple have entered into a prenuptial agreement setting out how their assets are to be dealt with on divorce there is no guarantee that it will be followed by the Court, although it will play a part in the Court’s decision.

This may all change if the Law Commission’s proposals to make prenuptial agreements legally binding become law. But what does this mean in terms of the meaning of marriage? Couples make the decision to marry to demonstrate their commitment to one another and the idea that married couples will be able to decide who gets what when they split up seems to discredit the whole idea of marriage itself. Whatever your view, recognising these agreements in the eyes of the law will mean that if a married couple has made the decision to go down this route and their relationship ends in divorce they will save the costs associated with often lengthy legal battles. Nevertheless, having to schedule in time with your solicitor to sign a prenuptial agreement whilst planning a wedding is not the most romantic of things!

It has been reported that the Law Commission has included within its proposals that neither party to a prenuptial agreement should be left in need as a result of it and that spousal maintenance should be restricted. The proposals will be published along with a Draft Bill at the end of February 2014.