Better to be Safe: Pre-nups and Cohabitation Agreements
Plan ahead for your future together with detailed prenuptial or pre-cohabitation agreements. As society changes, the intertwining of financial assets have become more complex, which is why a relationship agreements such as a pre-nup or cohabitee agreement can provide clarification and reassurance.
Effective relationship planning could save you from potential litigation and heavy legal costs as well as unnecessary distress to you, your partner and any children involved. Relationship agreements can ensure that you maintain an amicable relationship with your former partner after separation too.
Prenuptial agreement legal advice
A prenuptial agreement (pre-nup) or pre-marital agreement is designed to protect assets that you or your partner may bring into a marriage.
Pre-nuptial agreements are not just for celebrities or for the high net worth couple. They can be highly relevant if you have children from a previous relationship and wish to preserve their inheritance, or if you have an asset that has passed through generations of a family. Pre-nuptial agreements can also be appropriate if you worked hard to accrue assets in your own name prior to your marriage or civil partnership, and wish to preserve them for the future.
Interested in creating a pre nuptial agreement? Call us for an appointment – we aim to meet or discuss your situation with you within 48 hours of your enquiry.
The law and prenuptial agreements
Prenuptial agreements are not yet legally binding in the UK. However, they can be taken into consideration as an important factor by judges in any future financial proceedings within a divorce.
Getting married? Talk to LGFL Ltd
At LGFL we will talk you through your options in relation to such an agreement in good time before your intended marriage or civil partnership. We have the necessary expertise and skills to deal with your matter effectively yet delicately, and act within any relevant timescales.
Pre-civil partnership agreements
Civil partnerships have been legal in the UK since 2005, enabling same sex couples to enter into a partnership with similar legal rights and responsibilities as in a marriage. Since 2014, couples have been able to convert their civil partnership to a marriage, which confers a few financial benefits over civil partnerships, with respect to pensions.
Therefore protecting your assets in the event of a civil partnership breakdown with a prenuptial agreement is advisable. The same advice applies to those who enter directly into a same sex marriage.
It is a common misconception that the law affords any cohabiting party some degree of protection. Cohabitation agreements are designed to protect your assets if you decide to move in together but not get married.
A cohabitation agreement can help avoid costly and acrimonious litigation concerning property or other assets by detailing how those assets would be dealt with on relationship breakdown, and to make provision for any minor children.
Keep your agreements up to date
Please note that as your assets alter and the contributions made by you or your partner change over time, you may need to vary the terms of any of the above agreements made. We would strongly recommend that any of the above agreements is regularly reviewed, particularly if there has been a change in your status.
* Terms and conditions apply.