QUESTIONS TO ASK BEFORE YOU SAY “I DO”
PRE-NUP OR POST-NUP?
DO WE NEED ONE AT ALL?
Getting married is an exciting time; however, it is also a time when many couples consider the legal implications of marriage and the potential consequences of any future Divorce.
As such many couples enter into Pre-nuptial Agreements. A so called ‘pre-nup’ sets out a couple’s intent regarding division of marital assets upon Divorce; these contracts are entered into before the date of marriage. However, many couples are also entering into ‘Post-nuptial’ Agreements; the concept is the same as a ‘pre-nup’ but entered into after the date of marriage.
Both options offer couples a flexible approach towards the division of assets and allow them to arrange their affairs as they see fit. If there is no pre or post-nuptial Agreement, the Law provides a default position of how a married couple’s assets should be split. The Family Law (Scotland) Act 1985 Section 10 makes it clear that the Law would seek a ‘fair’ division of the assets; often this means an equal share. However, if there is a ‘pre-nup’ or ‘postnup’ in place it can allow the couple a more flexible approach to asset division.
Contracts of this nature often reflect the modern family, for example, parties to the marriage may have children from previous relationships and may wish to protect their assets so their children will benefit, rather than an ex-spouse. Another example may be where parties of the marriage have unequal wealth or perhaps one party of the marriage may gain substantial property throughout the course of the marriage. In these circumstances a ‘fair’ division of assets perhaps would not be an equal division. A ‘post-nup’ or ‘pre-nup’ would allow the flexibility for these assets to be removed from the marital pot.
If you are getting married in the near future, Primrose & Gordon can offer you advice regarding a Pre-nuptial Agreement to protect your assets in the event of a Divorce. Similarly, if you are already married but perhaps worrying about the consequences if your relationship were to end we can advise you on a Post-nuptial Agreement. Our Litigation Team is highly experienced in all forms of Family Law and can guide you through this process, protecting both you and your spouse from a division of assets that neither party would seek or want.
Please call the office on 01387 267316 to discuss this with a member of our Civil Litigation Team.