Whilst they might never be implemented, taking time from the outset to agree with your partner on what will happen to any financial assets or child-related arrangements should your relationship falter will help. Help to reduce any stress, ill feelings, and worry.
Formalising this in a legally binding pre or postnuptial agreement may also result in less lengthy and costly negotiations should a contested dissolution or divorce occur.
At Garden Stirling Burnet, our team of East Lothian family law solicitors have considerable experience in negotiating and drafting such agreements for couples in Scotland and will guide and support you every step of the way.
What is a prenuptial agreement?
At a time when more people are marrying later in life or following previous marriages, prenuptial agreements becomes a crucial tool in protecting and ring-fencing accumulated wealth and establishing financial provisions for children from previous relationships.
Often referred to as a ‘prenup’ it is a legally binding and formal written agreement entered into by a couple before marriage or a civil partnership. It clearly outlines the distribution of assets, spousal support, and other financial matters in the event of a divorce, separation, or the death of one of the spouses.
Contrary to popular belief, the cost of entering into a prenuptial agreement is typically modest when compared to the cost of a legal battle over assets in a separation rife with disputes. Plus, they have become much more commonplace in Scotland.
With the right legal advice, it is a sensible and prudent arrangement that not only protects your interests but promotes transparency between partners and fosters a greater sense of security.
Should I get a prenuptial agreement?
Everyone’s circumstances differ. But if you have acquired assets before your marriage, have children from a previous relationship, or expect to acquire some inheritance or financial gifts during your marriage, then a prenuptial agreement could be a sensible option to consider.
It is also an avenue to pursue should you already own a business or additional property.
Although it may seem like an uncomfortable conversation to have, the earlier you discuss the matter with your partner the better. That way you can each seek independent legal advice through family law solicitors such as our team at Garden Stirling Burnet well in advance of your marriage or civil partnership.
What is a postnuptial agreement?
If the thought of a prenuptial agreement crossed your mind, but you put it off before your marriage or civil partnership, there is no need to worry.
Our expert team are here to guide you through the process of establishing a postnuptial agreement, ensuring that your assets and interests remain protected no matter what stage your relationship is at.
A postnuptial agreement offers a valuable opportunity to address financial matters and outline the distribution of assets in the event of separation or divorce. As opposed to after the fact with a Separation Agreement.
Common examples where postnuptial agreements are considered include:-
- One party receiving a large gift or inheritance which is to be used to purchase an asset during the marriage, such as a larger home
- One party receiving a large gift or inheritance which is to be used to pay down the mortgage secured over the family home
- One party inheriting a property which will then become the family home
We understand that broaching the subject of a postnuptial agreement with your partner may be awkward. But if your personal or financial circumstances have changed during your marriage or civil partnership, then it is sensible to consider how one could assist you in protecting your assets.
Garden Stirling Burnet, here to help you navigate prenuptial and postnuptial agreements
Ensure your relationship has a foundation of confidence and transparency. Take the first step by considering a prenuptial or postnuptial agreement. Contact our team and let us help you secure your future.