Aberdein Considine: Pre & post nuptial agreements

Not just for the rich and famous

While Pre and Post Nuptial agreements are often associated with the wealthy and famous, they are a practical form of financial planning which anyone who is getting married, entering into a civil partnership, or is already married, may wish to consider.   

Financial Implications of Marriage

Once you are married, the law provides that everything that you, or your
spouse or civil partner, acquire (with some exceptions) in the course
of the marriage is considered to be ‘matrimonial property’. Matrimonial
property is to be shared fairly in the event of divorce, which usually
means equally, but there are circumstances where unequal division
can be justified. Marriage also brings with it obligations to financially
support spouses (aliment) and certain automatic rights of inheritance
in your spouse’s estate: to cash, property and house contents.

Why have a Pre or Post Nuptial Agreement?

You may not want the standard rules about inheritance, division of matrimonial property on divorce or aliment to apply.  You may want to protect certain non-matrimonial assets (which you brought to the marriage, or were gifted to you, or inherited by you during the marriage) in the event that at some time in the future they change in nature to become matrimonial property.   You may want your Will, alone, to govern what happens to your estate in the event of your death.  You may have already decided “who” will get “what” in the event that you separate.  You can be as general or specific as you wish in a Pre or Post Nuptial Agreement, as long as it is fair and reasonable at the time it is entered into.

When are Pre or Post Nuptial Agreements typically used?

• When there is unequal or significant wealth coming into a marriage.

• Where it is a second marriage for either or both of the individuals, particularly where there are children from previous relationships.

• Where you intend to restructure your business during the course of the marriage or have already done so.

• Where you intend to bring your spouse or future spouse into your business. 

• Where you inherit or are gifted wealth either prior to, or during  the course of a marriage. 

• To protect certain assets, (e.g., a family business) for your children or extended family in the event of separation, divorce or death. 

• Where you and your intended spouse or partner are already agreed who will get what in the event of divorce or death. 

• Where you intend to gift family assets, as part of an inheritance tax planning exercise, to your children and there is a prospect that they will marry in due course, or they are already married. 

What should I do if I want a Pre or Post Nuptial Agreement?

It’s important to seek legal advice from an experienced Family Lawyer as early as possible, especially if you have a wedding date planned. At Aberdein Considine, we appreciate that every family is unique, and we strive to provide an empathetic and effective service, tailored to meet your personal needs and circumstances. For a confidential chat, please contact the Aberdein Considine Family Law team on 0333 0044 333, ask@acandco.com, or visit acandco.com