How to Protect Your Assets Before You Marry

There is no foolproof way to protect your assets upon a divorce. However, the best option for those couples who want to reach an agreement about what should happen with their assets if they divorce is to enter into a pre-nuptial agreement.

There is no legislation currently in force which provides that such agreements are legally binding. However, the current law regarding these agreements is that a court should give effect to them if they are freely entered into by each party with a full appreciation of their implications. This is unless in the circumstances of their case it would not be fair to hold both parties to their pre-nuptial agreement.

As specialist family lawyers in Milton Keynes, we are here to provide expert advice and guidance for a prenuptial agreement tailored to your individual circumstances. In the meantime, read on to find out more if you are considering a prenuptial agreement.

It is important when entering into a pre-nuptial agreement that the terms of the agreement are fair and reasonable and crucially that the agreement meets the parties respective needs. In particular, the needs of any future children. Both parties should also enter into the agreement with the full knowledge of each other’s finances and with them both having had the opportunity of independent legal advice. Such agreements should also not be rushed into and should be signed at least 28 days before the parties marry.

Such agreements can make provision for what happens in relation to any assets that the parties hold prior to their marriage both in their sole names and jointly and make provision for future assets that may be accrued during the marriage. It may be for example, that one of the parties owns their own property and they want to protect that property in the event of a divorce. Or it may be that a party has assets in a family trust that they want to retain in the event that there is a divorce or in terms of future eventualities, the parties may want to protect any inheritances that they receive, and such matters can be considered with the overall objective being that the parties are entering into fair and reasonable agreement.  Obviously, parties cannot foresee every eventuality, but it is about seeking to agree now what they believe to be reasonable if they should get divorced.

In the absence of such agreements, there are still various options available to help parties try and reach a financial settlement by agreement and avoid court proceeding. We are seeing an increase in those clients who want to deal with matters by what is known as Alternative Dispute Resolution (ADR) and such options include for example Resolution Together whereby both parties instruct the same solicitor to help them reach an agreement.

Hawkins Family Law are specialists in all forms of ADR including other options such as Collaborative Law and Arbitration. It is important that parties who are thinking about divorce proceedings where there are financial matters to take into account consider all the various options to help them try and agree a financial settlement as quickly and cost effectively as possible.

Ready to take the next step? As leading divorce and family law solicitors in Milton Keynes, our team of specialists can advise and guide you from the moment we start working with you.

As well as our head office in Milton Keynes, we also have offices in Watford, and London where we can arrange appointments to see you in person. Talk to us in confidence and find out where you stand. Get in touch – we’re here to help.

This article is intended for the use of our clients and other interested parties. The information contained in it reflects the author’s view and is believed to be correct at the date of publication. However, it is necessarily of a brief and general nature and should not be relied upon as a substitute for specific professional legal advice.