The coronavirus pandemic forced thousands of couples to reschedule their wedding plans. However, nuptials are now back on the agenda for many, and a post-pandemic wedding boom sees much excitement as ceremonies are re-planned.
Caught up in the excitement of the moment, having conversations about money and the future outcomes of your marriage may not seem high on the agenda. However, entering into an agreement to protect yourself can be a shrewd move in many situations.
Pre or post nuptial agreements are becoming increasingly popular in the UK for couples hoping to avoid the financial complexities which can arise when a marriage breaks down. These legally binding marital agreements should be carefully thought out and drafted to ensure fairness to both parties.
Why a post or pre nup?
As the names would suggest, pre-nuptial agreements are entered into before you marry, and post nuptial agreements are entered into during a marriage. Both limit both the emotional and financial cost often associated with divorce and set out clearly which of you owns or will own certain assets if there was to be a break-up in the future.
These agreements are extremely beneficial to establish how the following types of assets would be dealt with upon divorce:
- Inherited assets
- Pre-acquired assets (those owned before the marriage)
- Gifts received by one party during the marriage
Approval at Court
For Court to determine whether the agreement is fair the following criteria should be met:
- The agreement must be entered into freely by both parties – in other words, without any duress placed upon one partner or exploitation by the partner deemed to be in a better financial position.
- Both parties must have fully comprehended the implications of the agreement – to do this both partners should seek independent financial advice and during this, be completely transparent to the other regarding their financial position.
- In the circumstances it must be fair to uphold the agreement – unforeseen changes such as health/children/differences in finances may render the agreement no longer fair.
How much does it cost?
Bowcock and Pursaill offer fixed fees for family and matrimonial services and can advise on pre or post nuptial agreements. Our fixed fee services meet exacting Law Society standards, and we ensure complete client confidentiality as a key priority.
With a broad range of experiences our legal team are professional in handling issues in a sensitive manner. At each stage in the process our lawyers will ensure that you are fully aware of the legal detail so that costs are transparent, enabling you to quickly make informed decisions about whether and how you wish to proceed.
Planning your wedding and would like legal guidance on preparing a pre-nup? Or just married and need advice concerning a post nuptial agreement? Our Family Law team at Bowcock & Pursaill can assist. Call our Family Solicitor Lisa Cogger on 01538 399199 or email email@example.com to find out how we can provide clarity and peace of mind to your circumstances.