Post Nuptial Agreements- Protecting Assets after Marriage
Are you married? Any change in financial circumstances? Inherited money? Family business? You may wish to review your position and what would happen if you got divorced.
Most people are familiar with the term “Pre Nup”. This is a Pre-Nuptial Agreement and is entered into before marriage. That type of agreement regulates what happens financially should a marriage break down. Please refer to Lauren Preedy’s article “Are you getting married?” for more information. Lauren Preedy, a family law expert, can advise you before you are married and also afterwards.
Most people do not realise that you can enter into a Post Nuptial Agreement and this has the same status in law as a Pre-Nuptial Agreement (see below). The difference is that it is entered into after you are married. This can be at any time. You might have been married for a week or 20 years.
Is a Pre-Nuptial or Post- Nuptial agreement binding?
Whilst a Pre or Pre Nup is not legally binding they are upheld by the courts, following divorce, so long as various criteria have been met. The criterion includes both people receiving full financial disclosure and both receiving independent legal advice. For a Pre-Nuptial Agreement it must be sufficiently in advance of the wedding.
The court is very supportive of the autonomy of the parties and therefore you should only enter into one of these agreements if you have taken legal advice and if you understand you are likely to be bound by the agreement.
Why might I want a Post-Nuptial Agreement?
You may not have realised that a Pre-Nuptial agreement existed or you may not have had enough time before the wedding. Also, you may not have required one but something has changed in your relationship or business affairs.
For example, you may have separated from your spouse but have decided to reconcile. You might have been having discussions with your parents or siblings about your family business.
Lauren can give you bespoke family law advice depending on your circumstances.
Please contact Lauren Preedy, Partner and family law solicitor on 01823 745 777 or 01643 707777. Lauren is based in Taunton and Minehead and can offer appointments outside of usual office hours.