A Nuptial Agreement can be a useful tool for wealthy individuals and families seeking to preserve their wealth for future generations.
Divorce can pose a significant risk to families or an individual’s wealth.
For a family seeking to ensure that wealth is preserved for future generations, a divorce can be hugely expensive and disruptive. The emotional toll on all concerned is well known. Legal fees can be significant.
The cost of the settlement can significantly deplete a family’s finances but there are other hidden costs, for example a protracted divorce can lead to business paralysis.
The most hard fought divorce cases may last for one to two years causing significant disruption.
A Nuptial Agreement can reduce or mitigate these risks. Their great utility is their ability to reduce uncertainty and therefore risk.
A Nuptial Agreement will typically define which assets form part of each party’s separate property and which constitute joint property. Agreement will also establish rules for how different classes of assets will be divided in the event of divorce. The rules may be very broad or very detailed.
A well drafted Nuptial Agreement can provide certainty about the extent of the parties assets and how they are to be divided in the event of divorce.
A well drafted Nuptial Agreement can provide certainty about the extent of the parties assets and how they are to be divided in the event of divorce. For same sex couples you can apply for a ‘Civil Partnership Agreement’ which carry’s the same principles as a Pre-nuptial Agreement and allows each party to protect their own assets.
If you wish to mitigate the risk of your assets being dissipated following a divorce then contact any one of our specialists at our six offices in Boston, Lincoln, Spalding, Sleaford, Grantham and Newark.
Contact us today for a free initial enquiry, you have nothing to lose but you may have to a lot more to protect than you realise.