With many marrying later in life, or entering into second marriages, the issue of a nuptial agreement (pre or post) is something which becomes more important.
What is a pre or post nuptial agreement?
An agreement made before (pre-nuptial) or during (post-nuptial) a marriage or civil partnership to achieve one or both of the following:
a) Regulate financial affairs during the marriage/civil partnership.
b) Set out how assets should be divided in the event of divorce/dissolution or separation.
Why do I need one?
These agreements generally set out to ringfence assets. This can be particularly important if you have children from a prior relationship or marriage, or if you are entering into a second marriage.
Similarly, if you are getting married or entering into a civil partnership later in life, then you may have significant assets which you wish to protect in the event of separation. A clear example of an asset which you may wish to protect is a family business.
A prenuptial agreement is negotiated and entered into prior to the marriage/civil partnership taking place, whereas a post nuptial agreement is entered into during the marriage/civil partnership. Sometimes, people are reticent to discussing these issues with their intended spouse/civil partner, and post ceremony or further down the line, they consider it would be have been appropriate to enter into such an agreement. This can be remedied by way of a post nuptial agreement.
Whilst in the past these agreements tended to be challenged fairly easily, now we are seeing in the court process that provided the agreements are fair, reasonable and parties have entered into the agreements freely and fully informed, then they are far more likely to be upheld in the event of any challenge to them via the courts.
If you are considering a pre or post nuptial agreement, or if your partner has raised the subject, call us today for a discussion around your options and your legal rights. The best thing you can do is take early advice.
Please call us for further advice on 01383 431 101 or email firstname.lastname@example.org