Before you think about tying the knot, you might like to think about whether you, or your child, should be protecting assets or future inheritance. While it may sound unromantic, planning through a Pre-Nuptial Agreement can save problems and costs later on.
A pre-nup is a legal document created between a couple before a marriage, which outlines how their assets will be divided between them in the event of a divorce.
Pre-nups ring can fence someassets or future inheritances and prevent any financial surprises – should you get divorced. Many couples are marrying at an older age meaning that they are likely to have progressed further in their careers and amassed property, pension or other personal assets, or indeed retired. Often parties each have separate children and want to ensure their assets are preserved for their own children.
Although pre and post-nuptial agreements are not yet legally binding in this country, the case of Radmacher v Granatino was a landmark ruling where the courts confirmed that pre and post-nuptial agreement would be given ‘decisive weight’ in the event of a divorce. There have been proposed changes to the law to make pre and post-nuptial agreements legal in the UK. They are already law in many other European jurisdictions.
Anything from income, property, businesses, inheritance, pensions, shares and debts can be included in a pre-nuptial agreement.
You cannot include issues such as child custody or support – including religious beliefs, upbringing and visitation. You also cannot include personal or lifestyle matters.
Would you like to know more?
Please contact one of our expert lawyers in the Family Law sector here. Or contact us directly using our contact form below.