There’s a good chance you will be familiar with prenups, what they are and why it is a good idea to get one. But are you aware of postnups?
A postnuptial agreement is very similar to a prenuptial agreement, the only exception is that it is put into place after you have entered into a marriage. If you are in a civil partnership, you can apply for a post-registration agreement which is very similar legally but intended for those in civil partnerships.
When would you need a Post-Nup?
A postnuptial agreement is used in a few incidences. Firstly, if you ran out of time to organise your prenup before you got married. This would ensure that everything you want is included and how possessions and finances would be shared if the relationship was to fail in the future.
Such an agreement could also be used in circumstances such as:
- Wealth Change
- Business Success
- Stay at Home Spouse
- Second Marriage
Postnuptials could be seen as the beginning of the end, however they can also be used as a fresh start for a couple. They can be used to finally put to rest any arguments surrounding finances and provide a set plan for moving forward. The agreement will be created based on full disclosure by both parties who should both separately seek individual legal counsel.
Should I get a Post-Nup?
If you are married and you are concerned about how assets would be split up if your relationship was to ever end in divorce, then it is certainly worth considering a postnuptial agreement.
Is it too late to get a PostNuptial agreement?
No, you are able to take out a postnuptial agreement at any time. You and your spouse will need to discuss what you would like to include in your agreement and, if the marriage was to ever breakdown, how any individual and shared assets would you divided. Although the agreements are not legally binding, as long as specific conditions are met, the courts will usually take these agreements into consideration when attempting to resolve disputes between couples.
How can I find out more information?
For more information, please contact our specialist legal professionals on 0800 614 722 or visit your local office.