Pre-nuptial and post-nuptial agreements allow couples to structure terms that fit their individual situation instead of submitting themselves to decisions by the courts if they divorce or dissolve their civil partnership.
There is much more awareness of nuptial agreements especially in circumstances where significant property or assets are involved. They have become increasingly popular following the landmark decision in the case of Radmacher v Granatino in October 2010, which gave “decisive” weight to pre-nuptial agreements.
If you and your partner enter into a pre- or post-nuptial agreement, you can determine in advance how your assets would be shared should you separate.
Making those decisions now is intended to reduce the financial and emotional stress of separation – should it ever happen – enabling you both to move on and importantly to ensure your children are properly provided for.
This is an important issue, for example, for business owners as any business owner contemplating marriage should consider a pre-nuptial agreement to reduce the risks to their business enterprise should the relationship end in divorce or dissolution, or when there is succession planning be it another generation of the family wishing to transfer property, land, or shareholdings to their children.
Whilst it is accepted that nuptial agreements do not remove the overall jurisdiction of the court if the needs of one of the parties or the needs of the parties’ children dictate it, in February 2014 the Law Commission recommended that pre-nuptial agreements should be legally binding in divorce settlements once the needs of the separating couple and any children have been considered. This debate is still ongoing, however, what is accepted is that nuptial agreements are recognised and be a factor to be taken into account in subsequent financial proceedings upon separation.
Our team includes specialists who can advise on and draft pre- and post-nuptial agreements to protect your assets in the event of relationship breakdown.
To speak to a member of our Private Family Law Team, give us a call today, or fill in our online enquiry form and a member of the team will be in touch.
Call: 01740 646000
Jessica Inman, Solicitor within our Private Family law team discusses prenuptial agreements and explains how Tilly Bailey & Irvine can help.
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