Most people go into marriage thinking it will be a lifelong commitment. However, as life circumstances change, some couples decide to reevaluate their financial arrangements and asset distribution, even after tying the knot. Post-nuptial agreements can protect the interest of both parties. But when is the right time to get a post-nuptial agreement?
Here are some key things to know about post-nuptial agreements after you have already tied the knot.
What is a post-nuptial agreement?
A post-nuptial agreement is a legal agreement that covers anything from a couple’s financial assets and debts to how liabilities will be divided in the event of divorce. The aim is to provide clarity and reduce conflict if the couple separate. Unlike pre-nuptial agreements (which are signed before marriage), post-nups are agreed after getting married. It can be custom-written for a couple and their needs, including aspects like spousal maintenance, property division and joint business ventures.
Are post-nuptial agreements legally binding?
In England and Wales, post-nuptial agreements are not legally binding in every case, which is why it is so important to hire a specialist solicitor. A family lawyer with experience in post-nuptial agreements can ensure certain criteria are met to increase the chances of a court honouring them during divorce proceedings. For an enforceable agreement, a couple must enter into it voluntarily, have full understanding of what is being agreed to, and receive independent legal advice. The court must also deem the agreement to be fair to both parties.
What are the pros and cons of post-nuptial agreements?
Like any legal arrangements, post-nuptial agreements will have their benefits and other considerations. Some of the pros of post-nuptial agreements is a sense of clarity and security for couples, and the protection of assets like inheritances and business interests. It can also reduce conflict if the couple separates. However, you will also need to consider the emotional impact of discussing what would happen if you ever divorce and understand the legal costs of this type of agreement.
Should you get a post-nuptial agreement?
There are lots of valid reasons a couple might consider getting a post-nuptial agreement. For example, there could be a significant change in one partner’s financial circumstances, such as receiving a significant inheritance. Post-nups can also provide clarity when there is business ownership to consider or in the case of second marriages, protecting inheritance plans for children on one or both sides. You may have run out of time to draft a pre-nuptial agreement or want to resolve uncertainty if financial concerns are now causing strain upon the marriage.
Is there a time limit for getting a post-nuptial agreement?
Luckily, there is no strict timeframe for getting a post-nuptial agreement. It can be drafted and signed any time after getting married, whether that is several months or years down the line. However, it is advisable to discuss the idea of a post-nup as soon as the need arises to ensure the agreement is in place before financial circumstances become more complex.
Contact Bellwether Solicitors
Bellwether Solicitors is a family law firm, providing support for clients around the Cheam and Kingston area, including Richmond-upon-Thames and Sutton.
For more advice, get in touch.
