Are prenups just for celebrities?
A pre-nuptial agreement is a contract that can be entered into prior to marriage, civil partnership or before or during cohabitation with a partner. The content of such an agreement can vary widely, but commonly includes provisions for division of property and financial support in the event of separation. It is also possible to “ring fence” assets owned prior to marriage, civil partnership or cohabitation to ensure that such assets remain outwith the scope of any negotiations or court proceedings. It is also possible to enter into such agreements after marriage, civil partnership or cohabitation has commenced.
Pre-nuptial and post-nuptial type agreements are not just reserved for celebrities. An increasing number of couples are entering into these types of agreements.
There may be various reasons for couples wanting to draw up a pre- or post-nuptial agreement. It may be that they are marrying for a second time and want to have certainty and some control over what the financial outcome may be for them should that marriage fail. It may be that one or both partners or spouses wish to protect money gifted to them by parents or grandparents in lieu of inheritance, or they may wish to protect savings acquired prior to the start of the relationship. The investment of such funds in property acquired during the marriage, civil partnership or cohabitation can have unintended and quite often significant consequences which can cause disputes in the context of the relationship breaking down. That can be avoided if what is to happen to that investment is clearly regulated in a formal document. It is possible to ring fence this type of investment both before and during marriage, civil partnership and cohabitation. We are seeing an increase in the number of couples seeking to regulate their financial positions to avoid the possibility of disputes over money or other assets arising in the future.
If you are interested in protecting your assets before entering into marriage, civil partnership or cohabitation with a partner or indeed if that is something that you want to address during your marriage, civil partnership or cohabitation, you should consider carefully whether a form of pre/post nuptial or cohabitation agreement is the way to achieve this.
If you, or someone you know, would like advice about this type agreement, please get in touch with us for a confidential discussion.
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