The primary distinction between a prenuptial agreement and a postnuptial agreement (postnup) is the timing of their creation: a prenup is established before marriage, while a postnup is arranged afterward.
In terms of purpose, they are similar, offering a certain level of protection by outlining the ownership of belongings (money, assets, and property) and determining their distribution in the event of a marriage breakdown.
However, it is important to understand that in England and Wales, these agreements are not legally binding. Courts consider them as one factor among many when making decisions, taking
into account factors such as the duration of the marriage and the financial assets and contributions of each party.
A postnup can be created at any stage of the marriage and can address the current situation while providing provisions for the future, such as considerations involving children.
Just like with a prenup, it is crucial to engage an expert family lawyer to draft the agreement and ensure that both parties receive legal advice and provide complete financial disclosure when determining the terms.
Our team specialises in advising and drafting various postnuptial agreements, ranging from complex multi-million asset agreements to smaller arrangements concerning property and inheritance for children.
- Assets and debts, including provisions for the division and management of jointly or individually owned assets, as well as addressing the payment of outstanding debts.
- Income, which may involve specifying how current and future income, including expected gifts or inheritance, will be treated and allocated.
- Future income or gains, particularly regarding property or other investments, and outlining how they will be distributed or shared in the event of a divorce or separation.
- Identification of personally and jointly owned belongings, allowing for clarity on the ownership and division of specific items.
- Maintenance payments, establishing the amount and terms of any
financial support to be provided to the ex-partner in the event of a
divorce or separation. - Division of property, including provisions for the distribution or handling of secondary residences or additional properties.
- Insurance coverage, encompassing matters such as life insurance, medical insurance, or disability insurance, and addressing how such coverage will be managed or allocated.
These are some common elements that can be included in a postnuptial
agreement, but the specific terms and details will depend on the parties’ preferences and circumstances. It is advisable to consult with an experienced family lawyer to ensure that all necessary aspects are addressed and that the agreement is properly drafted.
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