Prenuptial and Cohabitation Agreements
What is a Prenuptial Agreement?
Prenuptial Agreements have been referred to as “an insurance policy against falling out of love”.
A Prenuptial Agreement is made by a couple who intend to marry. It makes clear their rights to any property, debts, income and other assets, which may have been bought or acquired during the relationship. The agreement sets out how the parties will divide their assets. It also deals with their finances upon Divorce or Judicial Separation. As well as property and assets, an agreement can deal with other issues. These may include succession rights, children, custody access, maintenance, and pensions.
Why make a Prenuptial Agreement?
A Prenuptial Agreement is made to avoid disputes when a couple is splitting up. Irish law allows the Family Law Courts to deem all assets of a married couple as mutual. Unless otherwise protected they may be placed into a shared pool and divided accordingly.
Who enters into Prenuptial Agreements?
Prenuptial agreements are not only for the rich and famous. We often make agreements for people from many financial backgrounds. Ordinary couples use Prenuptial Agreements to protect their assets.
Are Prenuptial Agreements enforceable?
Prenuptial agreements are not illegal or unenforceable in Ireland. An Irish couple is not prohibited from signing a Prenuptial Agreement in Ireland. However, the Irish courts do not have to enforce such agreements if the couple’s relationship later breaks down. Therefore, it is crucial that you speak to us. This will allow us to prepare a prenuptial agreement. It will contain all the right components to best protect your interests.
Will Prenuptial Agreements be recognized in the future?
It can be said that such agreements provide peace of mind. It is thought that the Courts may take Prenuptial Agreements into account as one of the factors to be considered when determining financial relief on separation or divorce.
What is a Cohabitation Agreement?
A Cohabitation agreement is an agreement between two cohabitants. It provides for financial and other matters during their relationship or at the end of the relationship (whether on death or otherwise).
What is the main difference between a Prenuptial Agreement and a Cohabitation Agreement?
A prenuptial agreement is entered into pre-marriage. A cohabitation agreement is entered into by parties who are not married, don’t intend to marry, but live together. It is now vital for cohabiting couples to give thought to a cohabitation agreement, keeping in mind the effects of the Civil Partnership Act 2010.
Can all Cohabitating couples draw up a Cohabitation Agreement or are there conditions?
Anyone can enter into a cohabitation agreement. Legal advice should be sought to make sure one party isn’t being forced to enter the agreement. Lynch Solicitors are one of Ireland’s leading family law practices. We provide a full range of family law services and have been doing so for over two decades.
For More Information Contact John M. Lynch or Gillian O’Mahony
052-6124344 or Freephone 1800 750 850.