In 2014, the Law Commission published a report on marital property agreements in England and Wales. The report aimed to modernize the law concerning agreements made between couples before or during their marriage, commonly referred to as prenuptial or postnuptial agreements.
The report emphasized the need for greater clarity and certainty in the law concerning marital property agreements. It noted that the current laws were outdated and did not reflect the changing nature of modern relationships, particularly the increasing number of couples who choose to cohabit rather than marry.
The Law Commission’s report recommended the introduction of a new legal framework for marital property agreements that would provide greater certainty and enforceability. The proposed framework would allow couples to make binding agreements about how their property should be divided in the event of separation or divorce.
One of the key proposals in the report was the introduction of “qualifying nuptial agreements” (QNAs). These agreements would be enforceable provided certain conditions were met, such as both parties receiving independent legal advice and making full disclosure of their assets.
The report also recommended that the courts should have greater powers to set aside QNAs if they were unfair or inadequate. This was seen as an important protection for weaker parties, such as a spouse who had been coerced into signing an agreement or who had not received adequate legal advice.
Overall, the Law Commission’s report was well received and paved the way for important changes in the law concerning marital property agreements. Many practitioners welcomed the proposals, which were seen as providing greater clarity and certainty for couples in the event of separation or divorce.
In 2018, the Law Commission’s recommendations were finally implemented in the form of the “Matrimonial Property, Needs and Agreements” bill, which received royal assent in June of that year. The new law represents an important step forward in modernizing the legal framework for marital property agreements in England and Wales.