Pre and Post-Nuptial Agreements
These document the financial arrangements between parties either about to marry or those who have just married.
They deal with how finances and assets are to be divided should the marriage break down. They can protect and preserve assets perhaps for children from a previous marriage or serve to ring fence previously acquired wealth for you.
Previously seen as unromantic, they are now considered to be the sensible way of dealing with the financial aspects of a marriage and are viewed as a sure way of saving time and costs in the future as they focus minds as to how finances are to be divided whilst the parties are communicating freely and positively.
Advice offered will cover:
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The requirements for the drafting of a valid document, including the requirement for full financial disclosure, lack of duress etc
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Timeframes and costs associated with either the drafting of a document or the approval/amendment of an agreement received by you.
Often how the courts in England and Wales deal with finances on divorce can vary from court to court and the process can be unpredictable. This often makes it hard for solicitors to give guarantees as to the outcome of a case and the uncertainty can be unsettling for clients.
Pre or Post-Nuptial Agreements provide an element of certainty and are widely regarded as 'money well spent', as they can avoid higher legal fees being incurred at a later point. They provide reassurance and, following the landmark case of Radmacher and Granatino in 2010, they also provide clarity.
If entered into properly, with legal advice taken and financial disclosure exchanged, they are recognised by the courts in England and Wales although not absolutely binding as judges do have discretion to depart from them. It is important that both parties have entered into the agreement freely and without any form of pressure or duress. Separate solicitors will be required for each party and there must be a period of reflection of at least 28 days between the signing of the document and the marriage.
Pre-Nuptial Agreements - What are the advantages?
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They can protect any previously-acquired assets or wealth from being divided
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Can protect a spouse from debt of the other
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Secure and ring-fence assets for children from an earlier marriage or relationship
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Keep legal fees to a minimum and avoid future arguments over assets which can increase levels of stress at what is already a difficult time
Post-Nuptial Agreements - What is the difference?
The main difference between pre and post-nuptial agreements is that the latter can be made at any time after the marriage has taken place. The advantages are identical to those of a pre-nuptial agreement and, provided they are executed correctly, they are a perfect way to save time, money and anguish should a marriage break down because a financial settlement has already been established and drawn up.
Both pre and post-nuptial agreements should build in renew clauses which will address any significant changes in circumstances, such as the birth of a child.
For more information, or to book an appointment, call 01325 804751 or email donna@donnasandallfamilylaw.co.uk