Pre-Nuptial Agreements and Cohabitation Agreements
It is possible to set out at the beginning of your relationship how you would like your financial affairs to be resolved should you separate or divorce in the future. If you are getting married, you should consider entering into a Pre-Nuptial Agreement. If you simply wish to live together, you should consider a Living Together Agreement.
A Pre-Nuptial Agreement, also known as a pre-nup, is a document prepared in advance of marriage. It records how the parties to the marriage wish their financial affairs to be resolved should their marriage end in the future. Although Pre-Nuptial Agreements are not yet enforceable under English Law, the courts are increasingly taking them into account during divorce proceedings.
A Pre-Nuptial Agreement can be a good way of avoiding future disputes over assets that one party may have acquired before the marriage or may subsequently acquire by way of inheritance or gift.
It is important that both parties fully disclose their financial affairs to one another and that the Pre-Nuptial Agreement is entered into freely and willingly by both parties. Both parties should receive independent legal advice on the document's implications. The agreement needs to be clear and signed in plenty of time before the wedding.
A Living Together Agreement, or Cohabitation Agreement, is a document that sets out how two people will manage their financial affairs during their relationship and how they will separate them should their relationship end in the future. It can be a good way of protecting an interest in a property that one party may have before the start of the cohabitation and can help to limit any financial claim that the other party may try to make should the relationship end in the future.
We would be happy to advise you on your individual circumstances. Please call Richard Dilks on 01603 660 811.
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