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The main difference between a pre-nuptial and a post-nuptial agreement is when they are made. A pre-nuptial before marriage and a post-nuptial after marriage.
Both serve a similar purpose, safeguarding your belongings such as money, assets, and property, and deciding what happens to them if the marriage ends.
It's important to remember that in England and Wales, these agreements are not legally binding. Courts consider them along with other factors like the marriage duration, financial assets, and contributions.
A post-nuptial can be created at any time during a marriage to address the current situation and plan for the future, such as when you have children.
Just like with a pre-nuptial, it's crucial to involve a skilled family lawyer to create the agreement and ensure both parties receive legal advice and share their financial information.
Our lawyers regularly put together pre-nuptial and post-nuptial agreements, from complex finance arrangements to smaller ones concerning property and inheritance for children.
Do I need a post-nuptial agreement?
A post-nuptial agreement allows you to clarify your intentions after marriage, reducing potential misunderstandings in the event of a relationship breakdown. Any inheritance or anticipated future inheritances, in terms of money and assets.
Upon divorce, the court has wide discretionary powers to distribute family assets as they see fit, to bring about fairness between the couple. A post-nuptial agreement is one of the factors that the court will take into account when exercising its power and sets out an agreed plan for:
- Any inheritance or anticipated future inheritances, in terms of money and assets.
- Assets and/or properties that may pose challenges when dividing them equally.
- Providing for children from previous relationships, ensuring certain assets are earmarked for their benefit, and safeguarding their inheritance rights. You should also make a will to ensure everything is legally set out.
- Maintaining control over a business interest.
- Shielding against liability for any outstanding debts through the inclusion of a 'debt clause' in the pre-nuptial agreement.
It is particularly relevant where you both have assets and children from previous relationships.
When can I create a post-nuptial agreement?
A post-nuptial can be created at any time during a marriage to address the current situation and plan for the future, such as when you have children.
Is a post-nuptial legally binding?
Currently, both post-nuptial and pre-nuptial agreements are not legally binding in England and Wales. However, Courts consider them along with other factors like the marriage duration, financial assets, and contributions and it is likely that such agreements will be made legally binding in the near future.
Can I change a post-nuptial agreement?
Yes. You can change a post-nuptial agreement. You should consider:
- Mutual Agreement: Generally, both parties (you and your partner) must agree to the changes. This is typically done through an amendment.
- Legal Advice: It is advisable for both parties to seek independent legal advice when making changes to a post-nuptial agreement. This ensures that each person understands the implications of the changes and that the new terms are fair and legally sound.
- Documentation: The changes to the post-nuptial agreement should be documented in writing and signed by both parties.
How much does a post-nuptial agreement cost?
The total cost of an agreement varies based on several factors and the complexity of your situation. Our commitment to transparency means that you can expect a clear and comprehensive quotation for your agreement at every step of the process.
What is a pre-nuptial agreement?
A pre-nuptial agreement is a similar legal agreement that is entered into prior to a marriage or civil partnership. Read more about pre-nuptials here.
It is important to note that a single lawyer cannot provide advice to both you and your partner when creating a pre or post-nuptial. To ensure fairness, the process requires that each party consults with their respective lawyers. For this reason, seeking advice early in the process is crucial. Our expert team can assist you in drawing up pre-nuptial agreements as well as post-nuptial agreements. Call us on 01827 317070 or email sdavies@pickerings-solicitors.com
