Postnuptial agreements are agreements made between two married people setting out who owns what. It details all the assets, debts and income of each individual and states exactly how they intend these will be distributed should the relationship break down and the couple divorce.
Unlike prenups, postnuptial agreements are signed after someone has been married.
Contact Crombie Wilkinson Solicitors for advice about a postnuptial agreement. Our family law solicitors in York, Selby, Malton and Pickering can assist you with both prenup and postnuptial agreements to ease any tension in your relationship.
A postnuptial agreement is an agreement drawn up between a couple after they get married often using a solicitor with the aim of agreeing how assets will be split during a divorce.
The main difference between a prenuptial and postnuptial agreement is that a prenuptial is signed before the marriage and a postnuptial is signed when you are married or have entered into a civil partnership.
But the aim of both is the same – to put on paper an agreement of how to split assets if divorce were to happen in the future.
There are two main reasons to sign a postnuptial agreement. Firstly, if you don’t have a prenuptial agreement but both feel it would make sense to establish what would happen in case of divorce. Secondly, if you do have a prenup but something has happened or there has been an influx in funds or assets.
Usually, like prenups, postnuptial agreements are used when one spouse has significantly more wealth or assets than the other. This means they stand to lose a lot more if the marriage should end in divorce. A postnuptial agreement can protect these savings/assets. This can be particularly relevant where one or both of them have children from previous relationships and wish to preserve assets for their benefit as well.
Like prenuptial agreements, postnuptial agreements are technically not enforceable in English and Welsh courts. That is to say that the courts are not bound by any agreement and judges do retain the final say. However, postnuptial agreements do hold significant weight in court proceedings and judges here will generally uphold them providing there are no issues, and the agreement has been drawn up and signed with the correct precautions. We can advise and assist you with this.
Anything you wish to protect in the case of a divorce can be included in your postnuptial agreement, this includes but is not limited to:
Neither prenuptial nor postnuptial agreements cover childcare arrangements during divorce.
You will need to speak to a solicitor to get a cost for your postnuptial agreement as it will vary based on their own personal circumstances. Where people have a variety of assets including investments, property, businesses, shares etc, then they can become complex.
For high-net-worth individuals, postnuptial agreements are often used to help protect their wealth in the case of divorce. In these cases, the initial cost of the agreement is often outweighed by the potential losses they could face if they get divorced.
Get in touch with our postnuptial agreement solicitors in York, Selby, Malton & Pickering today.
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