What is a post nuptial agreement?
3 Sep 2018
Author: Aman Dhillon
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A post nuptial agreement (sometimes referred to as a post nup) sets out how assets, finances and belongings should be distributed between you and your partner should your marriage or civil partnership break down. It is a written contract that is signed by a couple during their marriage not before it as is the case with a pre-nuptial agreement and can be undertaken at any time after the marriage has occurred.
If you have a pre-nuptial agreement and to offer the best protection, you may also wish to consider reflecting the terms of your pre-nuptial agreement in a post-nuptial agreement.
A post nuptial agreement should include any issue which would need to be dealt with during a divorce, including but not limited to the following points:
-Present and future income
-Any assets you may have and how they will be divided
-Any debts you may have and how they will be paid
-Pensions and how they will be distributed
-A list of personally and jointly owned belongings and how they would be split
-Expectations of any inheritance or gifts
-Details of any maintenance payments
-Arrangements for children – where they will live, contact arrangements and financial support
-Your Wills and what will be included
Will a post nuptial agreement be legally binding?
Whereas post nuptial agreements are not automatically enforceable in the UK, the British Courts have given recognition to post nuptial agreements providing they have been signed by both parties without duress and alongside legal advice.
In many cases post nuptial agreements now have an impact on the outcome of divorce settlements and can offer protection to you and your spouse in the event of a divorce.
Do we need a post nuptial agreement?
If you and your partner would like the best chance of protecting the assets and finances you have brought to the relationship then it is prudent to have a pre and post nuptial agreement. The Courts can choose to ignore both agreements and make a different decision, however; the documents will clearly set out your intentions and will carry weight.
As your circumstances change, you can update the post nuptial agreement throughout the marriage and is seen as a positive step if the changes are reasonable and fair. The intention of a post nuptial agreement is to reduce the likelihood of complex divorce and finance proceedings following any divorce, in turn reducing the cost and time spent.
In addition, many couples believe in couples rights to agree their own affairs as independent individuals and not leave it to the state to sort them out.
How can we get a post nuptial agreement?
It is imperative that you and your spouse or partner obtain independent legal advice if you are looking to draw up a pre or post nuptial agreement. You should make sure that you use a specialist lawyer who can draw up the agreement in a way which is most likely to be accepted by the court.
Hepburn Delaney Solicitors are specialist family lawyers who can help you with your post nuptial agreement questions. Our expert team can help you decide if a pre or post nuptial agreement is right for you and your spouse.
Visit https://www.hepburndelaney.co.uk/our-services/familylaw/ or call our friendly team on 01442 218090.