Pre-nuptial and post-nuptial agreements can be quite daunting and unromantic for soon to be married couples and newly married couples. However, it is important for both parties to carely consider what options are available to protect their financial assets before embarking on marriage.
One of the most common issues in
divorce proceedings is how assets will be split between the ex-spouses, this is
where pre- and post-nuptial agreements can make the situation easier.
What Are Pre- and Post-Nuptial
Agreements?
A pre-nuptial agreement is an
agreement entered into before marriage by both partners. The agreement provides
a plan for what the couple will do with their finances and assets in the event
that their marriage breaks down.
A post-nuptial agreement is a
similar agreement entered into after the marriage has taken place.
What can Pre- and Post-Nuptial
Agreements cover?
These agreements can cover a wide
range of assets, commonly they set out what should happen to your property,
savings, pension, family heirlooms, debts and any assets bought during the
marriage.
Are pre-nuptial or post-
nuptial agreements legally binding?
In England and Wales, pre-nuptial
and post-nuptial agreements are not legally binding, however, the Court has a
duty to take them into account when deciding how assets should be divided in
the divorce. Often a pre/post-nuptial agreement will be persuasive to the
Court.
At the divorce stage, the Court
will consider whether the agreement made between the parties is fair for them and
their children. Therefore, it is very important that before entering into such
an agreement both parties obtain independent legal advice from separate
solicitors. This is to help ensure that both parties understand the
implications of the agreement.
When deciding whether to uphold a
pre-nuptial or post-nuptial agreement the Court will need to be satisfied that
neither party was under duress or undue influence. Due to this, it is ideal to
consult a solicitor for legal advice at least three months before your wedding.
Why get a pre-nuptial or
post-nuptial agreement?
It is a common misconception that
pre- and post-nuptial agreements are only for celebrities or high-net worth
individuals. The reality is that such agreements can benefit a wide range of
couples- especially young professional couples without children who have
accumulated savings from their earnings or parents. Such agreements are
especially ideal for people who wish to protect inherited family heirlooms that
have been passed down over many generations.
Pre- and post-nuptial agreements may also be ideal for couples who have been married before and wish to ring fence their assets for their children.
Who can I contact for legal advice?
If you need a U.K. family lawyer
and need assistance with any aspect of U.K. divorce law, contact Aschfords Law
in Harrow, London. We have experience in offering specialist advice in respect
of all family matters and have insight to make the process as smooth as
possible. We also provide legal advice and assistance in respect to Wills &
Probate, UK Immigration Harrow, Matters related to Children, Litigation,
Landlord and Tenant.
Please contact us today on: +44
(0) 7582932830, 020 3002 9147. Or visit our website at
