Are Prenuptial Agreements Legally Binding In Scotland

In practice, pre-marital agreements in Scotland are generally used to “compete” with certain assets in order to exclude them from the legal definition of marital property. Full marriage contracts, intended to repeal the principles that otherwise govern the division of marital property in the event of divorce, are relatively unusual. However, in Scotland, marital agreements are sometimes used not only to provide for the division of property in the event of divorce, but also to look at the right to food (marital assistance) after the breakdown of marriage and the inheritance law in the event of death. There is a misunderstanding that a marital agreement is reserved for the rich, but in fact, the most common way to protect premarital wealth for anyone who has acquired pre-existing property against the marriage they want to protect is a home, savings, shares or commercial interests. A marriage contract is a formal written agreement made before marriage, which explains how certain assets will be treated when the marriage is broken. It can cover a number of assets, including those acquired or inherited before marriage, such as property, savings, shares and other assets. After the marriage, these assets, if reinvested or modified in any way, could become marital property and be considered to be owned by both parties, unless they are expressly protected. A marital agreement can be as simple as saying that everything is shared 50/50, or it can be more complex and close some assets. To ensure that your prenuptial agreement is legally binding, it must be written by a solicitor. Our family rights team will advise you on all aspects of prenupential agreements, establish the agreement for you and guide you through the process. Marital agreements are no longer just for the rich and celebrities.

They can be used by couples about to get married or by those who wish to enter into a civil partnership. Marriage contracts were frequently used here from the 14th century on. The oldest marriage contract obtained in Scotland dates back to 1281. Contrary to popular belief, marital agreements have often been designed to protect a woman`s property. The Scottish lawyers were therefore ahead of the game long before the Hollywood lawyers came into play. When women`s rights changed over the centuries, the need for marriage contracts disappeared somewhat, but they did not completely expire. They have developed to fill other gaps in divorce laws and provide more security than a court could offer. Indeed, marital agreements are still part of the arsenal of a good family lawyer and have become fashionable again, especially as divorce rates have increased and more people marry later in life (after having already built independent wealth).