PROTECTING YOUR ASSETS
The fact is that not all marriages last and unfortunately marriages do break down. The purpose of having a prenup is to try to avoid the animosity and cost of having to deal with a financial dispute if the marriage breaks down. If you’re getting married and want to protect your assets, we can help.
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What is a prenuptial agreement?
A prenuptial agreement (or ‘pre-nup’) is a contract that offers legal protection for assets you currently have. This can also include any future assets such as inheritances, businesses or property.
A pre-nup will list your important assets before your marriage and specify which ones you want to be protected should your marriage end in divorce. It can also list any future asset you may have during the marriage, which you wish to protect.
What is the point of having a prenuptial agreement?
The purpose of entering into a pre-nup is effectively to protect one parties pre-acquired assets or inheritance. For an agreement to be upheld by the Court you will need to follow the recommended guidelines as to best practice to ensure that the agreement is fair.
These agreements at present are not strictly legally enforceable. However, the purpose of entering into one is to remove any discretion that the Courts may exercise when dividing your assets.
It is recommended that when signing a prenuptial agreement, that you do so no less than 28 days before the date of your wedding.
Sometimes, pre-nups can also cover child arrangements including children from a previous marriage. However, in most cases the agreement is likely to be null and void, or at least reviewed, if you have children in future.
A post-nuptial agreement is basically the same as a pre-nup but is signed after you get married rather than before.
Post-nups are sometimes used by married couples who are reconciling after a separation. This can also be for people who wish to protect an inheritance they are due to receive during their marriage.
However, since agreeing to a post-nup means giving up rights you’ve gained through marriage, you should think very carefully and seek independent legal advice before you sign one.
How do Financial Agreements Work?
Before an agreement can be drawn up, there will need to be a full and frank disclosure of each person’s financial position. The information is then set out in a schedule which is attached to the agreement providing a summary of the financial positions.
If you are in a better financial position than your partner, you will need to ensure that the other party cannot claim to have been pressured or persuaded to enter into the agreement. You should allow a sufficient period between having the agreement drawn up and signing. This will ensure that both parties have time to fully consider the contents and receive independent legal advice before signing. We would advise to draft a pre-nuptial agreement 6 months prior to getting married.
If your circumstances changes during your marriage, we would advise to have the agreement reviewed periodically.
We offer fixed-fee packages for straightforward prenuptial and post-nuptial agreements, so you know our costs before you start.
FIXED-FEE PACKAGES FOR STRAIGHTFORWARD PRENUPTIAL AND POST-NUPTIAL AGREEMENTS, SO YOU KNOW OUR COSTS BEFORE YOU START
DO YOU NEED ADVICE?
How we can help
We can help you draw up a prenuptial or postnuptial agreement to protect your assets. If you are being asked to sign one, we can explain exactly what claims you’re giving up and advise you on how to proceed. Our team of Family Law Solicitors can also advise you on whether a court is likely to uphold the agreement.
There are also other marital agreements such as:
- a pre-civil partnership agreement which works in the same way that a pre-nup does.
- A separation agreement which is entered into by a husband and wife following their separation.
Our professional team of Family Solicitors have extensive experience dealing with Marital agreements. To learn more about marital agreements and to talk about your specific needs, please get in touch.
YOUR PRENUPTIAL AGREEMENTS | FAMILY LAW | TAYLOR ROSE TTKW EXPERTS
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