When it comes to protecting your assets and clarifying financial expectations within a marriage, postnuptial agreements can be a valuable tool. In this blog, we will explore what postnuptial agreements are, their purpose, and their availability in England and Wales.
What is a Postnuptial Agreement?
A postnuptial agreement, also known as a post-marital agreement, is a legal contract entered into by a married couple after their wedding. Similar to a prenuptial agreement, it outlines the division of assets, debts, and other financial matters in the event of a divorce or separation.
Purpose of a Postnuptial Agreement:
Postnuptial agreements serve several purposes. They provide clarity and certainty regarding the division of assets, debts, and other financial matters, helping to avoid potential disputes and conflicts in the future. These agreements can also address issues such as spousal support, child custody, and support, providing a framework for resolving these matters amicably.
Availability in England and Wales:
Postnuptial agreements are legally recognized and enforceable in England and Wales. The courts consider them to be persuasive, although not automatically binding. However, recent case law has shown that courts are increasingly likely to uphold postnuptial agreements, provided they meet certain criteria.
Requirements for a Valid Postnuptial Agreement:
To ensure the validity and enforceability of a postnuptial agreement in England and Wales, the following requirements must be met:
- Full and Voluntary Disclosure: Both parties must provide full and honest disclosure of their financial circumstances. This includes assets, debts, income, and any other relevant financial information.
- Independent Legal Advice: Each party should seek independent legal advice from a qualified family law solicitor. This ensures that both parties fully understand the terms and implications of the agreement.
- No Duress or Undue Influence: The agreement must be entered into voluntarily, without any pressure or coercion from either party.
- Fairness: The terms of the agreement should be fair and reasonable, taking into account the needs of both parties and any children involved.
Consulting a Family Law Solicitor:
If you are considering a postnuptial agreement in England and Wales, it is advisable to consult with a family law solicitor who specializes in this area. They will guide you through the process, ensuring that the agreement meets the necessary legal requirements and protects your interests.
Postnuptial agreements can be a valuable tool for married couples in England and Wales, providing clarity and certainty regarding financial matters in the event of a divorce or separation. While not automatically binding, recent case law suggests that courts are increasingly likely to uphold these agreements if they meet certain criteria. To ensure the validity and enforceability of a postnuptial agreement, it is essential to seek independent legal advice and ensure full financial disclosure. By consulting a family law solicitor, you can navigate the process with confidence, protecting your assets and securing a fair resolution for both parties involved.
If you are interested in a post nuptial agreement why not give us a call on 020 7537 7000 or email peter@london-law.co.uk for a free, no obligation consultation and see what we can do for you?
This blog was prepared by Alexander JLO’s senior partner, Peter Johnson on the 22nd February 2024 and is correct at the time of publication. With decades of experience in almost all areas of law Peter is happy to assist with any legal issue that you have. His profile on the independent Review Solicitor website can be found Here