When a
couple chooses to get married, it’s with the intention of ‘til death do us
part’, but unfortunately sometimes relationships end despite the couple’s best
intentions. Divorce or separation can be a very stressful time, so it’s
important to protect yourself, not just emotionally, but practically too.
Signing a pre or post nuptial agreement is one useful way to protect your
finances or come to a mutual agreement about the division of assets, and
they’re no longer something that’s exclusive to the rich and famous.
We’re aware
that this sort of contract isn’t the most romantic thing to discuss with a
partner, but laying out the terms in black and white can actually take the
pressure off both parties, and give you a solid idea of where you both stand.
If a pre or post nuptial agreement is something you’re considering, see below
for a brief guide on everything you need to know.
Prenuptial agreements
Also known
as a ‘prenup’ or premarital agreement, a prenuptial agreement is a formal,
written contract between both parties before they enter a marriage or civil
partnership. It outlines details of the couple's finances (including assets,
money and property) and how they will be divided if the marriage breaks down.
Prenups can be particularly useful if one or both parties have children from a
previous relationship, and wish to reserve certain assets for their
inheritance.
A prenuptial
agreement can be legally binding, as long as both parties agree to the terms,
and these terms are considered fair. Following the landmark divorce case of
Radmacher vs Grantino in 2010, prenups are now considered strong evidential
weight in the UK family courts, unless they are deemed unfair to any children
of the marriage.
Each prenup
is tailored to the couple's individual interests, and it can outline how to
divide any assets bought/earned during the marriage, protect any individual’s
wealth or property acquired before the marriage, and set out any post-divorce
financial arrangements such as child support.
Post nuptial agreements
This type of
agreement is growing in popularity in the UK and is very similar to a prenup,
except for the fact that it is drawn up during the marriage, rather than
before. They cover the same terms as a prenup, including how to divide assets
and property, how much maintenance or child support should be paid post
divorce, and what will happen to any outstanding debts.
Post nuptial
agreements are popular among couples who have already separated once during the
marriage, and want to protect themselves if a final split should occur. Like
prenups, they are usually legally binding as long as both parties agree and the
terms are in any children’s best interests.
If you need
help drawing up a pre or post nuptial agreement in Nottingham, Loughborough and
beyond, get in touch with Hawley and Rodgers. Our experienced team of family
law solicitors have your best interests at heart, and can help guide you
through the process with sensitivity and professionalism. For more information,
give us a call today or visit our website.
