What is a Postnuptial Agreement?A Postnuptial Agreement is a contract that is drawn up after marriage or a couple have formed a civil partnership. The Agreement provides details on how the couple’s assets and property would be split in the event of the couple divorcing, separating or upon death.
A Post-Nuptial Agreement is similar to a Prenuptial Agreement except that it is made after the marriage or civil partnership has taken place. For more information on Prenuptial Agreements click here.
Are Postnuptial Agreements Legally Binding?
The Postnuptial Agreement is a relatively new concept in the UK and only became legally binding in 2008 following a Privy Council judgment. Postnuptial Agreements can and often are enforced by the courts in a similar way to separation agreements.
What to Consider
Before obtaining a Postnuptial Agreement it is a good idea to discuss the matter, in depth with your spouse or partner. You will need to agree on how you will split your assets and debts and take into consideration any future income. If you can agree on these matters it will make the whole process of obtaining a Postnuptial Agreement much easier.
Once the Postnuptial Agreement is in place you can still change and update the terms as your circumstances dictate.
What Should a Postnuptial Agreement Include?
A typical Postnuptial Agreement would include the following details:
- Assets and debts
- Payment of any outstanding debts
- Income and expectations of any gifts and / or inheritances
- Any future income or gains including property
- A list of personally and jointly owned belongings.
- What will be covered in your Will in the event of your death?
- How much maintenance will be paid to your ex-partner?
- How any property will be split, this would include second homes etc.
- Insurance coverage including, life medical and disability
It is important that both parties obtain independent legal advice from a solicitor. Normally both parties will need to instruct different firms of solicitors to avoid any conflict of interest.
The family-solicitors.co.uk web site has a national panel of family law solicitors and we would be help to assist both parties in obtaining expert legal advice.
Telephone us today on 0333 2070 601 today if you have any further questions and we will be happy to put you in contact with one of our specialist solicitors.