Grounds for invalidating
The disadvantages; grounds for invalidity There is, of course, a downside to prenuptial agreements.
Until recently, such agreements were considered difficult to revoke.
However, as of 2012, approximately half of all marriages ended in divorce, according to the Centers for Disease Control and Prevention.
Is it any wonder, then, that more people are turning to prenuptial agreements to provide protection for their assets?
A prenuptial agreement can be defined as a written contract drawn up between two people contemplating marriage with provisions that set out the possession and control of assets and property, the treatment of any future earnings, and the potential division of property in case the marriage is dissolved later.
They have many advantages, the two most prominent ones being, to protect financial stability, and to reduce conflict that might arise over particular issues in the future.
The Court of Appeal in England recently held that Heather Ilott was due one third of her mother’s estate, despite her mother Melita Jackson having deliberately cut her out of her will in favour of animal charities when she died in 2004.
This case was won on the basis of the Inheritance (Provision for Family and Dependants) Act 1975 (Gazette issue 46742).
Challenging the formal validity of a will in Scotland Rightly so, it is notoriously difficult to successfully overturn a will.
Costs The costs of pursuing an action to overturn a will are likely to be substantial.
What’s more, not only will the pursuer have to consider their own costs, but in the event that their challenge is unsuccessful, the pursuer may also have to pay a proportion of the defender’s legal expenses.
The question of ‘reasonableness’ is irrelevant when it comes to legal rights as, provided that the testator was domiciled in Scotland at the date of death, they apply universally and automatically.
The advantages of prenuptial agreements Everyone expects, when they marry, that their union will last forever.