What’s the Difference Between Prenuptial & Postnuptial Agreements?
Prenuptial and postnuptial agreements describe contracts that are drawn up either before or after marriage or a civil partnership. They determine how finances and assets will be split in the case of a separation. In recent years, they have become more common in the UK as they allow couples to establish clear division of important financial matters.
What is a Prenuptial Agreement?
Often referred to as a ‘prenup’, a prenuptial agreement is the contract agreed by a couple before marriage or civil partnership. This sets out how your individual assets will be divided, including money, assets, investments and properties. Establishing this before entering into marriage or civil partnership can provide stability and peace of mind if the relationship was to ever break down.
For couples with any valuable assets, properties, anticipated inheritance, business or children from a previous relationship, prenuptial agreements are advisable. These agreements are becoming more popular in England and Wales as a way of preventing any future challenges if a divorce settlement was to occur.
What is a Postnuptial Agreement?
A postnuptial agreement is very similar to a prenuptial one but is entered into by couples who are already married or in a civil partnership. This decision might be made if the couple didn’t sign a prenuptial agreement, or if they reconcile after separation. In some cases where someone is due to receive significant financial gain either due to inheritance or other, they may choose to consider this agreement.
Benefits of Having a Nuptial Agreement
It’s a common misconception that to warrant a prenuptial or postnuptial agreement you must be of significant wealth or have high value assets. However, dividing your items might include things that have sentimental value too. It’s impossible to predict the future of your marriage or partnership and this is a way of ensuring you’re covered in case the relationship doesn’t end amicably.
To enter a nuptial agreement, both individuals involved require independent legal services to disclose their financial circumstances. At Caversham, we have experience guiding couples through both prenuptial and postnuptial agreements. It’s important that you seek legal advice when drafting these agreements to ensure they hold up in UK court if necessary.
Whether it’s a prenuptial or postnuptial agreement you’re looking to draft, our expert team of solicitors can help you through the process. Contact us today to get started.
