A prenuptial agreement is a private contract entered into by two parties before a marriage or civil union takes place.
Are There Any Limitations?
Pre-nuptial agreements do have limitations. They are not automatically legally binding. Courts can refuse to enforce them, particularly if the terms are unfair, or one party either did not understand the implications involved, or was put under pressure to sign. A court will also look at other factors within the marriage, such as children, the standard of living, length of union and the needs of each party.
How they work
Guarantee financial assets
Although prenuptial agreements do not guarantee a couple's happiness, they do protect both the bride and groom's financial assets if they do indeed divorce. A prenuptial agreement, on the other hand, guarantees what each person would receive.
What it defines
However, a prenuptial agreement be considered by anyone who owns a home or business, has children or grandchildren from a previous marriage, or will be supporting the other partner financially. It defines how those assets will be distributed in the event of a divorce, separation, or death. If neither of these events occurs and the couple lives happily ever after, then it does not affect the marriage. Essentially, it's just like an insurance policy - one use it only if one need it.
Making it Legal
During the drafting of the agreement, both parties are required to disclose any and all of their financial assets. If, later down the road, it is discovered that either spouse hide something, then the prenuptial agreement can be declared invalid. When information is disclosed, both partners must sign the contract in the presence of an attorney. At this point, the pre-nuptial agreement is considered legally valid and will be upheld in court.
Can be amended
A party may wish to amend a prenuptial contract if, for example, one or both of the spouses had minor children at the time the original prenuptial agreement was executed. The original premarital agreement may have financially provided for those minor children before providing for the spouse. However, as the years pass those minor children may be adults and financially independent and the spouses may agree to leave more assets to each other in the case of divorce or death.
Irish Law
Currently premarital contract are not legally enforceable in Ireland.
Under Irish family law, a couple’s combined assets are divided after a marriage break up, though not necessarily on a 50/50 basis.
How they work - an overview
It can be challenged later in court by an aggrieved partner. But in assessing the value of such an agreement, the courts ask themselves certain questions, such as:
• When entering the agreement, did both parties fully understand the nature of the agreement?
• Did both parties receive independent legal advice?
• Was there any pressure on any of the parties to sign the agreement?
• Did the party with most to lose make a full and frank disclosure of their financial status?
• Would it now be unjust to enforce the agreement, taking into account events during the signing of the agreement and events since?
Contents
• Guarantee security of finances
• Limitations
• Define assets
• Legally not enforceable
• Court assessment
• References
Are There Any Limitations?
How they work
Guarantee financial assets
Although prenuptial agreements do not guarantee a couple's happiness, they do protect both the bride and groom's financial assets if they do indeed divorce. A prenuptial agreement, on the other hand, guarantees what each person would receive.
What it defines
However, a prenuptial agreement be considered by anyone who owns a home or business, has children or grandchildren from a previous marriage, or will be supporting the other partner financially. It defines how those assets will be distributed in the event of a divorce, separation, or death. If neither of these events occurs and the couple lives happily ever after, then it does not affect the marriage. Essentially, it's just like an insurance policy - one use it only if one need it.
Making it Legal
During the drafting of the agreement, both parties are required to disclose any and all of their financial assets. If, later down the road, it is discovered that either spouse hide something, then the prenuptial agreement can be declared invalid. When information is disclosed, both partners must sign the contract in the presence of an attorney. At this point, the pre-nuptial agreement is considered legally valid and will be upheld in court.
A party may wish to amend a prenuptial contract if, for example, one or both of the spouses had minor children at the time the original prenuptial agreement was executed. The original premarital agreement may have financially provided for those minor children before providing for the spouse. However, as the years pass those minor children may be adults and financially independent and the spouses may agree to leave more assets to each other in the case of divorce or death.
Irish Law
Currently premarital contract are not legally enforceable in Ireland.
Under Irish family law, a couple’s combined assets are divided after a marriage break up, though not necessarily on a 50/50 basis.
How they work - an overview
It can be challenged later in court by an aggrieved partner. But in assessing the value of such an agreement, the courts ask themselves certain questions, such as:
• When entering the agreement, did both parties fully understand the nature of the agreement?
• Did both parties receive independent legal advice?
• Was there any pressure on any of the parties to sign the agreement?
• Did the party with most to lose make a full and frank disclosure of their financial status?
• Would it now be unjust to enforce the agreement, taking into account events during the signing of the agreement and events since?
Contents
• Guarantee security of finances
• Limitations
• Define assets
• Legally not enforceable
• Court assessment
• References
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