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A prenuptial agreement can be viewed as a rational choice when newly-weds bring assets into their marriage. Prior to getting married, a prenuptial agreement is a formal agreement which sets out how a couple’s assets will be divided in the event of them divorcing or separating. Whether a “prenup” is enforceable varies by country and jurisdiction: for instance, prenups are not legally binding in England but may be considered by judges in property division; prenups are largely enforceable and have been famously litigated in the U.S.
A prenuptial agreement may be a rational choice especially when two people each bring personal or business assets into their marriage. A basic agreement would include a list of premarital assets and inheritance that, in the event of a divorce, would remain the property of their original owner. But being an agreement between the parties, prenups can also include other financial arrangements such as how to share future income from a business, or disbursement of assets accrued during the marriage.
Prenups are gaining in popularity in Hong Kong as couples seek to exert more control over their futures. While there has been some limited guidance from the Hong Kong courts, prenuptial agreements are still something of a grey area in Hong Kong. U.K. law provides guidance that a prenuptial agreement would stand a better chance to be upheld and enforced if it is fair and equitable and that there is (1) full financial disclosure, (2) a cooling off period of at least 28 days prior to the marriage, (3) proper independent legal advice with proper negotiations, and (4) no children born to the marriage.
If you are getting married you should consider speaking with your Ally Law member firm family law attorney to discuss whether your situation would benefit from an amicably-arranged prenuptial agreement. Your Ally Law family law department knows the laws that apply, whererever you may reside, and can dispassionately walk you through the pros and cons of any such contract. For more information about Ally Law member firm services and outstanding lawyers, contact us at team@ally-law.com.
Click here for the original article by Ally Law member Boase Cohen & Collins.
