What is a Post-nuptial Agreement?
A Post-nuptial 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 Post-nuptial Agreements Legally Binding?
The Post-nuptial Agreement is a relatively new concept in the UK and only became legally binding in 2008 following a Privy Council judgement. Post-nuptial Agreements can and often are enforced by the courts in a similar way to separation agreements.
What to Consider in a Post-nuptial Agreement?
Before obtaining a Post-nuptial 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 Post-nuptial Agreement much easier.
Once the Post-nuptial Agreement is in place you can still change and update the terms as your circumstances dictate.
What Should a Post-nuptial 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 website 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.
How do I obtain a prenuptial agreement?
If you have decided to marry and would like a Pre-nuptial Agreement put in place then it is important not to leave it until the last minute. Both parties should give careful consideration as a rushed Pre-Nup is less likely to be upheld in Court than one carefully thought out on which has been signed a month or so before your marriage.
Both parties must first obtain independent legal advice. This will remove the argument, at a later date, that one party was put under undue pressure or they didn’t realise what they were signing. Having professional legal advice can also provide you with information on circumstances which you may not have already considered.
Full disclosure of both party’s finances must be made before the Prenuptial Agreement is prepared. We would recommend that you spend some time considering the terms of the agreement and try and make them as precise as possible.Give serious consideration to any likely changes in your circumstances during the marriage. For example if you are planning on having children, or if you are likely to inherit or indeed retire with a healthy pension.
As Pre-Nuptial Agreements can be changed with both party’s consent so it is good practice to review your agreement every so often to make sure that it still meets your requirement and wishes.
If you are considering getting married and you are considering a prenuptial agreement contact one of our family solicitors solicitors who will be able to provide you with expert advice and guidance. Alternatively you can contact us using the enquiry form on this page.
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