A pre-nuptial agreement is an agreement made between two people who intend to marry each other. The agreement can cover a number of issues including the parties’ assets and arrangements in the event of the marriage breaking down regarding the custody and welfare of children they may have and even pets they may acquire.
In Ireland, strangely enough, these agreements are not legally binding. They are then a statement of the parties’ intentions at the time they got married and if they end up in court,
a judge is not bound by the terms of the agreement. However, there is a provision under the Succession Act, 1965 (section 113) where a spouse or civil partner can renounce his or her legal right in a pre-nuptial agreement and this does have legal effect.
Like any important document it is wise to take legal advice on drafting a pre-nuptial agreement. Openness and honesty are required when disclosing what assets the parties may have before they entered the agreement. Holding back the disclosure of money, property, or other assets, defeats its purpose.
Form of the Agreement
While there is no definitive rule, it should be in writing. As it is in fact a contract between two parties, it should be signed by both parties, dated, and ideally witnessed.
There is nothing against updating a pre-nuptial agreement and where the circumstances change of one or indeed both parties, it might be a good idea to update it to cater for the new situation.
Cohabitation Agreements
This has legislative protection under the Civil Partnership and Certain Rights and Obligations of Cohabitants Act, 2010. This permits cohabitants to enter into a cohabitants’ agreement regarding financial matters during their time together. There is a provision in the Act requiring that either the couple obtained independent legal advice or that they obtained legal advice together and waived, in writing, the right to independent legal advice. Here also, the agreement must be in writing, dated and signed by both parties.