Jack and Gill have got engaged. They are both in their mid 50s. Both have been married before. Jack has two children from a previous marriage who are at university and doing well. Gill has one son about to do his A levels.
Jack was in the Armed Forces and has recently retired. Gill has a property in her sole name from her previous marriage. The plan is for Jack to live with Gill in her property with her son.
Both agree that they will share their resources when they get married but want to ensure that their children get left with an inheritance which is fair to them. Jack wants to ensure that his children inherit his death benefits under his pension while Gill wants to make sure her son has her property. If Jack and Gill were to separate, Jack wants to keep his pension and Gill her property.
How can their assets be protected in the way they want?
Jack and Gill should consider a Pre-Nuptial or Pre-Marital Agreement and ensure they have made up to date wills.
You don’t have to be wealthy to need such an agreement.
Are you:
- Relying on the Bank of Mum and Dad to buy a property as a gift? Do you want to protect the property for yourself?
- A widow/widower wanting to protect assets left by a deceased spouse for your children?
- Expecting a future inheritance or have received an inheritance and want to protect it in the future?
- An older couple just like Jack and Gill planning on marrying again say, in retirement/expecting to retire?
- A young couple without children wishing to keep your own assets ringfenced?
- Wanting to protect wealth built up over the generations including property or a family heirloom?
So, what really is a Pre-Nuptial Agreement?
Consider such an agreement as an insurance policy in case things go wrong in the same way as household or car insurance. By investing some time and money in making such an agreement it could save for much more in the future.
How do I get one and will it be enforceable?
Take expert legal advice and potentially independent financial advice too. Each case is different.
These agreements are not automatically recognised by the court. However, if the agreement is drafted properly and meets the required safeguards the court is likely to hold you both to it. Following the landmark case of Radmacher and Granatino in 2010 the court said:
“The court should give effect to a nuptial agreement that is freely entered into by each party with a full appreciation of its implications unless the circumstances prevailing it would not be fair to hold the parties to the agreement.”
How much will it cost?
We can discuss this with you when you come to see us. However, as a guide, expect to pay no less than in the region of £1,500 + vat. So, less than an average yearly fuel bill or council tax and far less than a contested divorce which could cost £10-20,000 + vat and other costs such as court fees. The true cost potentially saved is stress and time and an adverse effect on your health and wellbeing.
Seek help, contact Nick Aspley and the Family Team at Ringrose Law in Boston, Grantham, Lincoln, Newark and Sleaford on 0333 3580 393