What is a Post Nuptial Agreement?
A post nuptial agreement, otherwise known as a post nup, is similar to a pre nuptial agreement, but the difference is that it is set up after a marriage or civil partnership ceremony has taken place. It’s an agreement that outlines assets within your relationship and what belongs to each party. This can provide clarity if you separate or get divorced, but it’s also a good idea if both of you simply want to organise your assets. Please remember, that post nuptial agreements aren’t legally binding, but having a well-drafted document that includes all relevant information will mean courts are more likely to adhere to it if it ends up being used in a court case relating to a divorce or separation.
To set up a post nuptial agreement, both parties must have received independent legal advice, willingly enter the agreement and be completely transparent and honest about finances.
The type of assets you can include in a post nup are:
- Material items such as vehicles, jewellery and other high-priced items. Personal items that were owned before the marriage or civil partnership can also be included.
- Money, such as savings, pensions or inheritance.
- Any businesses that you or your partner own.
- Debts or repayments can be detailed so that the responsible party pays for them and the debt isn’t shared.
- Properties or shares of properties.
- Information about provisions for children from prior relationships. A post nup is not the same as an order in relation to child arrangement, but it can summarise assets that are protected for children. This is especially useful for those in blended families.
Why Do Some Couples Consider Post Nuptial Agreements?
Post nuptial agreement solicitors can discuss your case with you to see why it may be an agreement that’s worth considering. There are several reasons as to why couples opt to create this agreement, such as:
- To protect assets to do with family or business – some couples tend to set up a post nup in order to protect family wealth and inheritance, and businesses set up by one or both parties. An agreement can lay out how these are handled separately.
- Missed out on setting up a pre nuptial agreement – if you wanted to set up a pre nup but didn’t have time, a post nuptial agreement means you can still put protections in place after marriage or civil partnership.
- A change in your personal situation – after marriage or civil partnership proceedings, finances can change. Whether this is through a change in income, starting your own business or simply a change in jobs, an agreement can outline anything specific in terms of finances and who gets what in the event of a separation.
- Having a blended family – a blended family is when two parties become a couple and one or both parties bring children from a prior relationship into the mix. Post nuptial agreements can determine what assets are protected for the children on each side of the relationship.
Our post nuptial agreement solicitors will analyse your situation and reasons for wanting to set up an agreement and then help you draft a solid agreement that reflects your situation which gives it a better chance of being upheld if it’s to be used in the future.
Post Nuptial Agreement Process
Everyone’s situation is different, as are the reasons why couples decide to set up post nuptial agreements, and our solicitors will work with you to craft an agreement that suits you and your partner – no copy and paste agreements necessary. However, you can expect to follow a similar process when setting up your agreement.
Step 1: First consultation – once you’ve instructed your solicitor, they’ll begin learning about your case and discussing with you what your agreement should cover. At this stage, it’s important that you and your partner both have individual legal advice.
Step 2: Disclosing your finances – you and your partner will need to be transparent and clear about your financial position, providing details about income, debts and assets. Hiding information about your finances can mean that your agreement isn’t upheld.
Step 3: Discussing terms of the agreement – you and your solicitor will work with your partner and their solicitor to create an agreement that reflects both of your wishes fairly.
Step 4: Drafting the agreement – your solicitor will help you draft the document, clearly setting out all the details you want included. Our post nuptial solicitors are experienced in drafting clear, concise agreements, ensuring your needs are met and your agreement is accurate.
Step 5: Getting legal advice – you and your partner will both need to get independent legal advice; you can’t use the same solicitor. This is to ensure you both understand the agreement before signing.
Step 6: Signing the agreement – when you and your partner are both happy with the agreement, you’ll sign it. Typically, this step in the process will be witnessed. You should both receive a copy of the agreement for your records.
Why Choose Farleys?
Our family team has over 200 years’ worth of experience collectively, helping clients all over the North West and beyond with their family disputes, with post nuptial agreements being one of them.
Many of our solicitors are members of Resolution, which is an organisation committed to non-confrontational approaches to family disputes, showcasing our dedication to finding solutions to your problems that work for you.
We’ll always be transparent, from our fees to our advice, ensuring you understand everything as we work through your process with you. Our solicitors are always on hand to answer your questions and to aid in putting your mind at ease, so whether this is your first time setting up a post nuptial agreement or you’ve been through the process before, we’re here to help.
