Question: If our assets have lost value, should it have an impact on the disposition that is made in our marriage pact? A matrimonial agreement is a formal contract between two people before marriage or life partnership, which defines how their finances are organized in the event of a breakdown of the marriage. However, in 2010, the Radmacher/Granatino case of the Supreme Court ruled that courts should consider a prior duty if it is voluntarily registered with a full understanding of its effects, unless it is unfair to keep the parties to the agreement in their current circumstances. To ensure that your agreement is enforceable (in the event of a divorce), you need to ensure that your agreement determines how you and your partner would share things fairly. This was the first time that marriage contracts had been recognized as enforceable under British divorce law. Answer: In order for a marriage agreement to be validated by the court, it should provide a fair provision for both parties in the event of a divorce. What is considered fair depends on the individual circumstances of the couple at the time of the divorce. While it appears that the reduction in the parties` pre-marriage assets should result in a reduction in the provision, it is important to remember that the court will test fairness at the time of divorce. Most economic commentators expect the effects of the COVID-19 crisis to be short-term, and most marriages last for many years (if not a lifetime). A decline in assets is therefore not necessarily a reason to lower the level of provisions in a marriage agreement.
However, each case is different in order to contact your lawyer for advice. A marriage contract is a contract; Therefore, the duration of the agreement can be included in its terms. Some marriage contracts may contain clauses indicating a date on which it will no longer be valid – for example, a couple may agree that the marriage agreement is in effect only for the first 10 years of marriage. Question: We are in the process of negotiating a marriage agreement and have exchanged financial information. However, the COVID 19 pandemic means that our assets have lost value and our revenues are less secure. Should we update our financial information? Don`t spend thousands to have your already agreed prenup included in an agreement.