Protect your property and assets with a Pre-Nuptial Agreement
Pre-nuptial, pre-civil partnership and co-habitation agreements are more commonly known as pre-nups.
A pre-nup is an agreement that is entered into before marriage or before moving in together and sets out how property and assets are owned and how they will be divided if the relationship does not work out. Pre-nups have been associated with celebrities and the very wealthy in the past. However, we now find that an increasing number of clients require advice on this subject, as it provides certainty to the couple.
Pre-nups are relevant for couples who have a significant disparity in either income or capital and are especially useful for someone who has acquired property or assets before their current relationship and wants to ensure this is ‘ring fenced’ in the event of the relationship not working out in the long term, possibly where one of the couple has children from an earlier relationship.
Why consider a Prenup?
You may want to seriously consider a prenup if you:
• Have considerable assets such as homes, real estate investments, stocks and shares, retirement funds that will make you wealthier than your partner.
• Own all or part of a business or professional practice
• Have children and/or grandchildren
• Haved loved ones, such as elderly parents who need care
• Are expecting an inheritance
• Have (or are pursuing) a degree or license in a potentially lucrative profession
One lawyer cannot advise both you and your partner. Pre-nups require that you see a solicitor and that your partner is given advice by another independent lawyer so that the agreement is entered into is fair to both of you. A prenup is not the only way to protect your property rights and financial interests, you can also establish a Domestic or Foreign Asset Protection Trust which transfers the ownership of your separate property (including your business) into the trust. Please give us a call if you would like to discuss the options available to ensure your property and assets are adequately protected.