PRENUPTIAL AND POSTNUPTIAL MARITAL AGREEMENTS
Many people marrying now look to protect their assets in case of a future divorce through a Prenuptial or Postnuptial Agreement. This may be because they are marrying later, after establishing a career and building up assets, expect to inherit family land or businesses they do not want disrupted, or are re-marrying and have children from previous partners or spouses they wish to provide for.
Prenuptial agreements are entered into before the marriage, generally signed at least a month before the wedding ceremony, while postnuptial agreements can be signed after the wedding, once the dust has settled.
At present, Prenuptial and Postnuptial Agreements are not automatically binding on a divorce court. However, the courts have shown that they will be upheld if the substantive settlement appears fair in the circumstances and procedural safeguards, such as independent legal advice for both spouses, have been met.
Ensuring the continuity of a family business following the divorce of two key personnel can be challenging. Completing a Shareholders Agreement, with assistance from our Corporate and Commercial Department, may be an important aspect of asset preservation, setting out how shares in a family company can be dealt with if there is a divorce between shareholders, alongside a Marital Agreement. Making a will is also an essential step, helping to ensure that your wider estate planning aligns with these arrangements.
Taking control of your financial position when contemplating marriage is now possible. While no one gets married expecting it to end, statistics show that more than one in three marriages now result in divorce. At Hayes + Storr, we will advise you on all available options so you can plan ahead and make financial arrangements now. This helps avoid leaving matters to the discretion of a court in a future divorce, which can be expensive and stressful.
The H+S Family Department can prepare Agreements, advise on those drafted by other solicitors, and assist in the event of major life changes, such as the birth or adoption of a child. We have extensive experience with Marital Agreements and divorce, and can negotiate terms on your behalf in light of this.
It is important to get your advice early, before making any final decisions. We offer a reduced-rate fixed fee appointment for all new clients. For all new family enquiries, please contact our family department on 01328 863231 in the first instance.
