Protecting assets after marriage
When we think of a nuptial agreement, most of us will probably be familiar with, and think of, a pre-nuptial agreement. Such agreements are entered into before a couple marries, and they are designed to set out how the couple’s assets will be divided in the event of a divorce or relationship breakdown. These agreements often aim to protect certain assets that were acquired before the marriage, such as a house or possible inheritance. Whilst a pre-nuptial agreement is technically not legally binding, provided that required steps are followed, then they will generally be upheld by the Family Court.
However, what happens in a situation whereby one party acquires wealth or assets during the marriage, but the parties did not enter into a pre-nuptial agreement? The general rule is that the assets or wealth acquired after the marriage will likely be considered as a marital asset, and therefore subject to potential sharing between the spouses, even if the wealth or assets have been generated by one party. But what if it would be difficult, or unfair, for that asset or wealth to be divided equally in the event of a future divorce? A post-nuptial agreement may be the solution to this issue.
In the same way as a pre-nuptial agreement, a post-nuptial agreement is designed to set out how the couple’s assets or wealth should be divided in the event of a divorce. A post-nuptial agreement can deal with all of the parties finances, or can focus on one particular asset that one party may be seeking to protect, such as an inheritance received, or a business. Once again there are important steps that the parties would need to take before entering into such agreement. However, and provided the formalities are dealt with, then a post-nuptial agreement is more likely to be upheld by the court, because there is far less pressure to sign such an agreement after marriage, as by this point both parties are already protected by matrimonial laws.
At Robinsons Solicitors we can offer a fixed fee post-nuptial agreement service. There are important steps to ensure that such an agreement is executed properly and fairly otherwise it may not be valid, and we will guide you through the necessary steps in this regard.
For further information, or to discuss any other family issue, then please contact James Heywood in our Family Department for further information or a quote – 01227 762888 or by email to firstname.lastname@example.org