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Law Commission Marital Property Agreements

If you`re getting married soon, you may want to consider a marital property agreement. A marital property agreement is an agreement between you and your partner that outlines the division of your assets in the event of a divorce or separation. This agreement can help you avoid costly legal battles and provide peace of mind in the event of a divorce.

The Law Commission in England and Wales is currently reviewing the law surrounding marital property agreements. The Commission`s report, published in February 2014, recommends that pre-nuptial agreements be made legally binding.

In the United Kingdom, pre-nuptial agreements are not currently legally binding in court. The court has the power to make its own decisions regarding the division of assets in the event of a divorce or separation. However, marital property agreements are still considered by the courts when making decisions about the division of assets.

The Law Commission`s report recommends that pre-nuptial agreements should be legally binding unless they contain unfair terms. The report also recommends that the parties seeking to enter into an agreement should take independent legal advice to ensure they understand the terms of the agreement and their legal rights.

If you are considering a marital property agreement, it`s important to remember that the agreement must be fair to both parties. If the agreement is found to be unfair, the court may refuse to enforce it. The agreement must also be made freely and voluntarily by both parties.

It`s also important to remember that a marital property agreement is not just for the wealthy. Anyone who wants to protect their assets in the event of a divorce or separation can benefit from a marital property agreement.

In conclusion, a marital property agreement can provide peace of mind and help you avoid costly legal battles in the event of a divorce or separation. However, it`s important to ensure the agreement is fair to both parties and is made freely and voluntarily. The Law Commission`s review of marital property agreements is an important step towards making pre-nuptial agreements legally binding and providing greater clarity and certainty for couples entering into these agreements.