In this modern age, many family situations are becoming more complicated than ever before. Parties are getting married for a second or subsequent time, and may have children from previous relationships. They may also be bringing assets or property into the marriage with them. It’s extremely important that parties think about what might happen if the relationship breaks down and they become involved in a costly dispute.
Asking your partner for a prenuptial agreement may not be the easiest thing to do when you are planning your wedding, but nobody can predict what the future may hold. Putting a prenup in place is therefore a sensible way to protect your future.
We have seen many prenuptial agreements that simply state the parties will keep their own assets in their own names in the event of the marriage breaking down. This might be adequate if the relationship is a short-lived; however, in cases where the marriage is longer lasting or children are born into the marriage, it may not be possible to put such a prenuptial agreement into effect. What is “fair” needs to be regularly reviewed and if a situation arises that your prenup hasn’t catered for, it should be revisited and updated.
The cost of risking your future income and placing your assets under attack is substantially higher than the cost of a well-drafted agreement. Both parties usually need to seek advice from a family lawyer or at least be given the opportunity to do so.
Contrary to popular belief, it’s possible to enter into an agreement after a marriage has commenced. The same considerations that apply to prenuptial agreements also apply to postnuptial agreements.
If you would like free, no obligation advice regarding prenuptial or postnuptial agreements, please complete the accompanying form or call us on 0114 3992355 to arrange a 30 minute consultation.
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I have used Michelle as my solicitor for a long time and she always gives me an honest opinion of the situation and chances of winning/losing the case.