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Look before you leap: protecting your assets before marriage
February is the month of love, and with 2024 being a leap year, women may consider taking advantage of the ancient tradition of proposing to their significant other on February 29th following examples from Queen Victoria to Judge Judy.
Here at LCF Law, we believe in practicality and forward planning and urge all couples, traditional or not, to consider their options once the engagement party is done and dusted. Having a frank discussion with your fiancé, agreeing how your property and finances will be divided up if you separate and protecting your assets before marriage are far easier than trying to work out the practicalities later on, in the unfortunate event that the relationship doesn’t work out.
There are a number of simple ways of formalising any financial or practical agreements you and your partner may have reached both before and after you tie the knot.
Pre-nuptial agreements, or ‘prenups’ as they are commonly termed, are simple documents whereby couples can record, in a formal legal manner, any agreement they may have in relation to property, savings or other important assets.
If, for example, you have been married before or have children from a previous relationship, you may wish to ensure that assets brought into the marriage or inherited are preserved for those children or other relatives you wish to provide for and kept as your separate property. A prenup can save time, stress and costly lawyers’ fees to resolve any such issues.
For couples who have already taken the leap, agreements can still be recorded in a post-nuptial agreement. The process of obtaining both documents is the same and can reduce the worry of what the consequences might be if the worst were to happen.
Those entering into a civil partnership can set up a pre-partnership agreement, which is in effect the same as a prenup. Although unlike prenups, these are not enforceable in the UK, they will likely be treated in much the same way because civil partnerships are governed by the same laws as marriage.
As in all walks of life, prevention is better than cure. Regardless of your circumstances, there are things you can do to control and manage your future and we are here to help.
What can we do to help?
Harjit Rait is a partner in our family department who specialises in family law issues that arise upon divorce or separation. She has particular experience in resolving financial matters in a firm, pragmatic and cost effective manner.
If you would like help drafting a prenup or further advice on protecting your assets before marriage, contact Harjit on 01274 386 598 or at ku.oc1714254999.fcl@1714254999tiarh1714254999.