Nuptial Agreements and Asset Protection
The team at Sintons want to explore these types of agreements as they are often misunderstood.
There are lots of myths and misconceptions, but it is important to consider the practicalities, benefits and potential pitfalls before you can consider whether a nuptial agreement is option is right for you.
Some consider this type of agreement unromantic and pessimistic whilst others argue they are sensible and provide clarity which may in turn reduce costs and stress in the future.
Initially reserved for the rich and famous, they are now prepared by lots of couples, especially in circumstances where one family may be significantly wealthier than the other or where parties are entering subsequent marriages.
The increase in frequency of nuptial agreements means the more generally accepted they are becoming and this is reflected in the attitude of professionals and the judiciary. Whilst the agreements are not currently 100% binding in the UK, there is significant guidance, the purpose of which is to encourage the reform of law, that suggests that if certain criteria is met, the agreements should be binding.
The agreement will set out the parties’ assets, current ownership and what the parties would like to happen if they were to divorce. To explore this prior to the marriage, can be beneficial in terms of communication and in providing security and certainty for each person.
It allows the couple to have a element of control over their future rather than leaving it all to chance at a later stage.
For anything further, one of our specialists would be delighted to meet you to talk through your options and answer any questions. Please contact us at any time.