Nobody says ‘I do’ thinking that the marriage won’t last. However, recent figures from the Office of National Statistics revealed that there were 101,055 divorces in 2015.
As such, it is important to protect your premarital assets such as money you have inherited, property, shares in a family business or gifts you have received.
Paul Crowley & Co’s family law team look at the ways in which you can protect yourself financially before any chance of divorce.
There is no ‘one size fits all’ pre-nup – it will need to be drawn up by a qualified solicitor so that it is compliant with UK law. A pre-nup is entered into by both parties freely and knowingly and is signed at least 21 days before the marriage to avoid claims that it was pressured or rushed.
If any disputes do occur, it is useful for you both to have a copy to refer to it if needed. Your solicitor will also keep a copy on file.
Planning your pension now might not be in the forefront of your mind, but it is important to sort your pension out at the earliest opportunity.
A pension is often a person’s most valuable asset, or it will be when it comes to being paid, so it should be a major consideration in organising your financial aspects.
With changes being made to public sector pensions and people working longer, you don’t want to reach retirement with nothing planned.
For tips on securing your pension upon divorce, read our blog here.
According to a YouGov survey, nearly two thirds of the British adult population do not have a will. Although it can be a morbid thought for newlyweds, it makes sense to plan for all eventualities.
When you marry, any existing will is automatically revoked and becomes invalid. Therefore to ensure your assets are divided as you wish, it’s best to make a will with a qualified solicitor as soon as, or just before you marry.
Discussing whether your business should be a separate or marital asset might not be romantic, but it is absolutely necessary if you want your business to survive if a marriage breaks down.
A prenuptial agreement can define the business as a separate, premarital asset; shield you from your spouse’s debt liabilities and prevent business partners from suffering financial loss.
It is also worth getting your business valued pre-marriage and keeping a record of this.
It is also wise to keep yourself up to date as to the extent of you and your spouse’s assets regularly.
Make sure you have copies of proof of ownership, in case any disputes occur during divorce proceedings.