It is no longer the case that most married couples agree to split their assets down the middle in the event of a divorce. Increasingly, couples are drawing up post-nuptial agreements, sometimes even well into their marriage. These post-nuptials often come as a result of a large financial event such as a windfall.
Similar to a pre-nuptial agreement, which is made before a couple is married, the post-nuptial is an agreement on how the assets of a couple will be split up in the case of divorce.
The rise in post-nuptial agreements may be as a result of the rumours that there are a number of A-list celebrities that have them in place, such as Jay-Z and Beyoncé, who agreed on a post-nuptial after both experienced a large increase in their earnings. The divorce of disgraced American politician Elio Spitzer and his ex-wife Silda in 2014 also brought post-nuptials to the public attention.
There are currently no figures available for the numbers of couples who draw up post-nuptials in the UK, due to them being private arrangements, however, lawyers across the country are reporting more and more numbers of couples asking for them.
The biggest reason that couples come up with a post-nuptial agreement is that one partner unexpectedly receives a large sum of money and is looking to protect it. The money usually comes from inheritance, or from an investment.
Due to the complications that second marriages create on family structures, it is also common for post-nuptials to be drawn up for them.
Much like a pre-nuptial, post-nuptials are agreements which are not legally binding. Currently there are legal discussions which are taking place about whether the law should be changed surrounding this, but until changes are made, the court makes the final decision about where assets go.
The rise in the number of couples who are entering post-nuptial agreements together has seen a change in attitude towards them, with courts seriously considering making changes to the law.
Couples must abide by certain rules to ensure that the court considers their post-nuptial agreement in the event of a divorce. Couples must both use specialist legal advisers, from different law firms, in order for the courts to take their post-nuptials into considerations.
It is important that couples must also ensure that their relevant finances and assets have been declared properly. This is to ensure that the post-nuptial is not unfairly positioned in the favour of one half of the couple as well as ensuring that children and dependents receive appropriate support.
Neither partner should have been put under pressure to sign the post-nuptial agreement, as this will result in it being invalidated.
Thompson Civil and Family Law Solicitors are a Glasgow law firm, with an office in Coatbridge, serving customers throughout Scotland. We offer all our clients a service which is high quality and affordable. To speak to a member of our team, call us today on 0141 404 6575, or complete our online enquiry form here.