Avoiding the pitfalls of that 'sweeter love'
“Love is always sweeter, the second time around.” That’s what four times married Mr Sinatra claimed so who are we to argue?
More and more people are entering into second or even third marriages, civil partnerships and long-term relationships later in life. Frequently they have property, investments and savings and are concerned what will happen if the “Young at Heart,” become “Strangers in the Night,” and the relationship breaks down.
In recent years, I have seen an increase in the number of clients requiring pre-nuptial agreements [‘pre-nups’] to try to protect their wealth, in the event of a divorce, which they have already accumulated, are likely to accumulate or inherit.
Pre-nups are not currently legally binding. However, as things stand, they can significantly influence a financial settlement awarded on divorce. Whilst it is not possible to guarantee that an agreement will be upheld by a court, there are a number of steps one can take to make it more likely that a court would choose to give effect to an agreement.
Steps to be taken
- Both parties should ensure that they receive separate and independent legal advice;
- Ideally, the couple should approach lawyers well in advance of the wedding. It should be signed as a deed at least 28 days before the marriage;
- Each party should give material disclosure to the other concerning their financial position;
- Ensure that sufficient financial provision is made for the financially weaker party and children;
- Ensure that each party enters in to the agreement voluntarily and they are willing to be bound by its terms in event of a divorce;
There’s always discomfort when the law is involved with “Love and marriage,” although often solicitors can provide a little distance for both parties, making them less likely to fall-out over the potential division of assets. If the worst does happen and you aren’t possessed of such protection, you run the risk of ending up with, “All.. or nothing at all.” If you have already tied the knot then you can enter into the same type of agreement, albeit that it is called a post-nup.
If you need advice or assistance about pre or post-nups please contact, Partner and Family Law Specialist, Tracey Dargan on 01992 300333.
Please note the contents of this blog are given for information only and must not be relied upon. Legal advice should always be sought in relation to specific circumstances.