Post Nuptial Agreements
Postnuptial Agreement Solicitors
In the same way that a prenuptial agreement is often referred to as a ‘prenup’, postnuptial agreements are commonly referred to as ‘postnups’.
A postnuptial agreement is very similar to a prenuptial agreement, it is a legal agreement (contract) made between a couple, however, this agreement is entered after the marriage has taken place.
‘Like a prenuptial agreement, the document should set out how the parties intend to divide their assets (such as property, business interests, pensions, income, and debts) should they divorce. This includes:
- Properties
- Business interests
- Pensions
- Income
- Debts
Why Get a Postnuptial Agreement?
Postnuptial agreements provide certainty for a couple in the event of divorce. They may avoid the need for protracted and expensive divorce negotiations and/or proceedings.
Postnuptial agreements can be very useful when one or both of the couple have financial assets or personal belongings that they want to protect. A postnuptial agreement can ring-fence specific individual assets and exclude them from the matrimonial pot of joint assets that are divided between the couple if they divorce.
Prenuptial and postnuptial agreements are often considered to be not in the spirit of love or companionship. However, entering into such an agreement can provide certainty for couples and therefore assist marital harmony for any married couple.
What Is Covered in a Postnuptial Agreement?
A postnuptial agreement is a written agreement, in the form of a deed, which has been entered into voluntarily by both spouses.
A postnuptial agreement usually covers the same issues as a prenuptial agreement, which is what will happen when it comes to the division of assets – either in their sole names or owned jointly if they divorce.
How Do You Get a Postnuptial Agreement?
You can only have a postnuptial agreement if both members of the couple agree to sign one.
Assuming that is the case, the couple should discuss what they want the postnuptial agreement to do.
Are specific assets to be ring-fenced and the rest of the assets form part of the matrimonial pot to be divided if the couple divorces? Alternatively, will each spouse keep their own assets, liabilities, and income if they divorce?
There are many options, which each member of the couple should discuss with their own specialist family lawyers.
Once the couple decides what they want to include in their postnuptial agreement, they will both need to provide details of:
- Assets
- Income
- Pensions
- Liabilities
These will be detailed in the postnuptial agreement in a schedule. Both spouses should be advised by their own solicitors about the impact that the proposed postnuptial agreement will have if they divorce and how this would be different if there were no postnuptial agreement in place.
One spouse will have their solicitor draft a postnuptial agreement on the basis of what the couple has agreed, and the other’s solicitor will then consider this document and advise the other upon it.
Once a final version is agreed upon, it will need to be signed by both partners in front of witnesses. Their solicitors will also sign it.
Obtaining legal advice when obtaining a postnuptial agreement is highly recommended for both members of the couple. This will add legal weight to the document if the couple divorces.
It will also ensure that the postnuptial agreement does what the couple wants it to do regarding financial matters, arrangements for children, commercial assets and business assets, marital property agreements, and more.
Are Postnuptial Agreements Legally Binding?
Whilst postnuptial agreements are not automatically binding if a couple divorces in England and Wales, they are one of the factors that a judge should take into account if a couple divorces (if it is entered into properly) when considering a fair financial settlement.
There are reported cases where the terms of a postnuptial agreement were followed by a judge when a couple divorced, or alternatively the presence of a postnuptial agreement has significantly influenced the judge’s decision.
This means that one spouse received a greater and the other a less generous financial settlement than they would have done had there not been a postnuptial agreement.
How Long Does It Take to Get a Postnuptial Agreement?
The time it takes to draft and sign a postnuptial agreement varies from couple to couple.
Some couples discuss between themselves and agree on what they want the postnuptial agreement to say, with the solicitors then preparing the document and advising upon its impact should the couple divorce.
In other scenarios, the couple negotiates the terms of the postnuptial agreement through their solicitors, which can take time.
Can Couples Entering into a Civil Partnership Have a Postnuptial Agreement?
Whilst couples in a civil partnership cannot have a postnuptial agreement, they can have a post-civil partnership agreement.
Why Would There Be a Need for a Postnuptial Agreement if We Already Have a Prenuptial Agreement?
There are a few reasons why couples may decide to have a postnuptial agreement when they already have a prenuptial agreement. Some couples may question the strength of their prenuptial agreement, depending on when it was done and under what circumstances.
For example, the couple may feel as though they were put under time pressure to complete their prenuptial agreement ahead of their marriage and they had not covered everything that they wanted to in that agreement.
On the other hand, some couples may want a postnuptial agreement to amend a specific clause in their prenuptial agreement, to reflect what they now want to happen if they divorce, particularly if their circumstances have changed.
Reach out to Our Specialist Postnuptial Agreements Finance Team Today
Family law matters can bring financial uncertainties, which can be very overwhelming. Our team of postnuptial agreements lawyers have extensive experience in financial matters, to help guide you along the way with confidence.
To chat with our team, call us on 0333 202 6433 or email us at [email protected].
