Postnuptial Agreement Solicitors

If you already have a prenup you might think you don’t need to postnup but it is good practice to review the prenuptial agreement and make any necessary updates to keep it relevant and suitable for your current circumstances. Once you’ve reviewed and signed your prenup it becomes a postnup.

There may be a problem with a prenup if it was signed shortly before the wedding. Such an agreement is more likely to be challenged by the courts because of the perceived pressure to sign it. In this case, reviewing it and getting a postnup would make the terms of the agreement more likely to be upheld in a divorce court.

The difference between a postnup and a prenup is when the agreement was signed.

A prenuptial agreement is the name given to a type of family law contract that is signed before two people get married.

A postnuptial agreement is the name given to the contract if it is signed after the date of marriage. It is possible to sign a postnuptial agreement at any date after a valid marriage has taken place.

Both prenups and postnups typically cover the same matters including:

• The family home: who would be allowed to stay in the home, or if this will be sold following divorce.

• Any other property

• Savings, Trusts and Pensions: how much you possess should be transparent from the beginning.

• Investments

• Inheritance: what will happen to any property or assets inherited by one party during the marriage.

• Business interests: what would happen to any business assets after separation.

• Vehicles

• Artwork and other valuable objects

• Items of sentimental value

• Spousal maintenance: whether one party is wiling to financially support the other following divorce.

• Debts incurred by the other party: who is responsible for payment of any debts incurred.

Marriage is a legally binding contract, and people often don’t realise the full extent of what this means until they are dealing with issues further on in the relationship.

Many couples are now choosing to put in place postnuptial agreements to record the division of assets and make the separation process as transparent as possible, should they break up in the future.

By doing this, each party ensures their assets are protected should the worst happen.

Postnups are typically useful for high-net-worth individuals, particularly if there is a considerable financial disparity between both parties.

A couple might want a postnuptial agreement because they moved to the UK from abroad and want to regulate the terms of the financial settlement if they end up divorcing in England or Wales.

Postnups are also useful for married couples where there has been a change of circumstances such as a large inheritance received.

Another reason for making a postnup is where a pre-nuptial agreement was signed but a new agreement is now needed.

No matter what the motivation for getting a postnup both parties must have independent legal advice to fully understand what rights and responsibilities they are surrendering or acquiring.

If you or your partner are unsure about whether you need a post-nuptial agreement, get in touch with one of our Family Law Solicitors today and we would be more than happy to help.

Postnuptial agreements are not currently legally binding in England and Wales. Either the husband or the wife can apply for a financial settlement on divorce. You can’t stop a judge in those proceedings from making certain orders, and the judge can use his or her discretion as to what orders to make.

However, the UK courts are willing to consider the terms of a properly executed postnup. Their stance is that just because the agreement is not what a court would have done is not enough to set aside the agreement. This means a solid postnup can influence the outcome of divorce settlements.

If a postnup exists, the court will assume that the couple intended its terms to be legally binding and the judge can decide whether the parties should be bound by all of it, part of it, or none of it. The court will refuse to uphold the agreement if it would be unfair to do so or leaves the other party unable to meet their basic financial needs.

The first step in getting a postnup is to speak to your family solicitor. Both parties need to obtain independent legal advice to ensure that everybody fully understands what it is they are being asked to sign, the document is fair and reasonable, and it has been correctly prepared.

You must both provide full financial disclosure. This is so that each of you can make an informed decision before signing the contract. If the full details of the financial situation aren’t given, or if something is hidden during the process, a postnuptial agreement may not be upheld in the event of a divorce.

The agreement should also be clearly written and should cover everything that you want it to include. If there is any ambiguity or doubt, this could cause difficulties in financial settlement proceedings and could lead to a judge making decisions that you may not like.

Finally, the agreement itself should be fair and reasonable. Any agreement that is not fair and reasonable is unlikely to be upheld in the event of divorce proceedings.