Prenuptial Agreements

What is the purpose of a prenuptial agreement?

The main purpose of the agreement is to outline the distribution of assets and specify financial rights and responsibilities in the event of a divorce, separation, or death. The agreement can help protect individual assets acquired before the marriage and delineate how future assets or debts will be divided. By setting clear financial expectations and provisions, prenuptial agreements can reduce conflicts and misunderstandings during a marriage and simplify the divorce process if the relationship ends. Additionally, they can protect one partner from assuming the debts of the other, help protect the financial interests of your children, and help to protect any businesses or commercial investments.

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Are prenuptial agreements legally enforceable in Ireland?

No, they are not enforceable under Irish law. The Irish Constitution sees the family as the primary unit of society and promises to guard the sanctity of marriage from any unjust attack. Prenuptial agreements are seen as a potential attack on the sanctity of marriage as they foresee its termination. However, Irish courts do recognise and consider these documents during divorce and separation proceedings. So, as long as both parties have signed the agreement, a court in Ireland will consider its contents when determining how to divide wealth and assets. Nevertheless, it's important to understand that the courts are not strictly obligated to adhere to these agreements.

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How can I increase the likelihood of a court respecting the agreement?

Prenuptial agreements are more likely to be considered if both parties have sought independent legal counsel prior to entering them. The court needs assurance that a thorough disclosure of assets was made before finalising the agreement. It's also recommended for the agreement to include provisions for reviews at regular intervals, particularly following the birth of children or any significant changes in circumstances, like the acquisition or sale of assets. The document needs to be signed by both parties and written in adherence with established principles of contract law, for courts in Ireland to consider it.

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My fiancé and I have just graduated and don't have any assets. Do we need a prenuptial agreement?

While prenuptial agreements are commonly associated with protecting significant assets, they can serve other purposes. For couples who are just starting out and don't have substantial assets, a prenuptial agreement might not seem immediately necessary. However, it's worth considering that such an agreement can also address potential future earnings, inheritance, or debts. If either of you anticipates a substantial increase in income, expects to receive an inheritance, or has plans to start a business, a prenup can provide clarity and protection. Additionally, it can set out financial expectations and responsibilities during the marriage. Most young couples who plan on getting married do not discuss finances until after they have tied the knot, only later discovering that their ideas about money are quite different. For this reason, it is beneficial to seek legal counsel even if neither of you currently have substantial assets.