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When people plan to enter a marriage (or civil partnership) they may decide to enter into an agreement where they detail what they intend to happen to their money and/or property if the marriage or civil partnership were to come to an end. This is known as a prenuptial agreement.
Those who are already married or in a civil partnership may decide to regulate the terms of their marriage or civil partnership through a similar process. This is known as a postnuptial agreement.
A prenuptial agreement is currently not binding, but is persuasive. If converted to a postnuptial agreement, by re-signing after marriage, it becomes binding.
The aim of these agreements is to provide protection to the wealthy party should the marriage end in a divorce, particularly where family money or a family business may be involved.
• When one party brings substantially more assets into the marriage than the other party.
• Where either or both parties stand to inherit substantial wealth on a death or particular occurrence within a family.
• Where it is anticipated that one party will earn significantly more than the other party through means other than inheritance.
These agreements are usually set-up by one or both members of the relationship as a precaution to protect their individual or shared assets.
Lodders’ team of specialist family law solicitors are experts in their field, and can offer tailored advice on both pre and postnuptial agreements.
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