What is a Post-nuptial Agreement?
A Post-nuptial Agreement is a contract drawn up during a marriage or partnership and details how a couple will spit their assets in the event of a divorce, separation or death.
A Post-nuptial Agreement only became a legally binding document in the UK in 2008, so still a relatively new Law in the UK.
Is a Post-nuptial Agreement different to a Pre-nuptial Agreement?
A Post-nuptial Agreement is the same as a Pre-nuptial Agreement except for it is drawn up after the marriage or civil partnership has taken place. The information it details is very similar to a Pre-nuptial Agreement.
Can the Post-nuptial Agreement be updated over time?
Yes, a Post-nuptial Agreement can be changed as your circumstances change, for example if you have children, a change in your job, receive a large inheritance etc.
What are the benefits of a Post-nuptial Agreement?
A Post-nuptial Agreement allows you to protect your assets in the event of the marriage breaking down, separation or in the event of death of either you or your partner.
What should I do next?
It is important to talk to your partner and agree the principles and details of the Post-nuptial Agreement, things to consider for inclusion into the agreement include;
- Any assets you jointly / individually own
- Payment of any outstanding debts
- Expected inheritances
- A list of personal and joint belongings
- If you both have a Will in place
- How any property would be split, including any second homes etc?
- Insurance coverage including, life insurance medical and disability
We can discuss in detail with you about your Post nuptial Agreement, ensuring everything important to you is covered, and that you consider anything that may change in the future. For further information or expert guidance on your Pre & Post-nuptial Agreements please contact our family team across Lincolnshire & Newark.