Overview of our Pre-Nuptial & Post-Nuptial Agreement Services
Pre-nuptial & post-nuptial agreements are an essential part of preparing for a modern relationship.
People increasingly understand that these agreements are designed to give them protection in the event that things do not work out as intended.
These agreements can set out in advance arrangements for your children and govern the division of finances and property in the event your relationship breaks down.
These agreements will provide security and peace of mind for both of you, and can protect your assets, support your estate plan, reduce conflict and save you the cost of expensive financial proceedings.
We can offer legal advice to couples who wish to draw up a pre-nuptial or post-nuptial agreement.
What is a Pre-Nuptial Agreement?
A pre-nuptial agreement is a contract entered into before marriage which outlines how a couple wish to divide their money and property should the relationship end.
A pre-nuptial agreement gives couples peace of mind so that they know exactly what will happen to assets, property and finances should the marriage break down, saving time, money and upset should such an event occur.
What is a Post-Nuptial Agreement?
A post-nuptial agreement (‘postnup’) is a similar contract, the main difference being that it is entered into after the marriage has taken place. Couples can create an agreement which states what will happen financially should the marriage dissolve.
How do Pre-Nuptial and Post-Nuptial Agreements work?
Prenups and Postnups are not strictly binding on the Court in the event of later divorce, but it is likely that they will be respected by the Court unless the effect of the agreement would be deemed unfair.
If the Prenup or Postnup has been entered into freely and willingly by both parties, and both parties were fully aware of the consequences of doing so, the Court is likely to hold both parties to this agreement.
To do the best job of ensuring that the Court upholds the terms of the Agreement it is important to ensure the following:-
- That there is full disclosure of your respective financial circumstances.
- That both of you take independent legal advice on the agreement and its effects.
- That the agreement is entered into in good time before the marriage.
- That there is provision for the agreement to be reviewed in the event of a future change in circumstances – i.e. birth of children.
- That the terms of the agreement would not cause significant injustice to the other party compared with the award a Court would make following a separation.
The Law relating to pre-nuptial agreements is the same as for post-nuptial agreements, bar the fact that a post-nuptial agreement takes place after the marriage has taken place.
Can Pre-Nuptial and Post-Nuptial Agreements be Tailored to Individual Requirements?
Both prenups and postnups are bespoke documents drawn up for a couple specifically to outline their particular circumstances, so it can cover almost anything you want it to.
However, there are certain things a couple usually thinks about when deciding how they would want to divide things if the marriage does not work.
- What would happen to property either of you brought into the marriage?
- What would happen to the family home?
- What would happen to any property given to you or inherited during the marriage or any income or assets derived from Trusts?
- What would happen to money held in joint accounts and any property purchased jointly?
- What would happen to any saved money earned during the marriage?
- What would happen to your pensions?
- How would you deal with any debts?
- Would either of you pay or receive any maintenance and, if so, for how long?
- What kind of events might require the agreement to be reviewed?
- What kind of arrangements would you like to make for any children you have or
- are likely to have, both in financial and in practical terms?