The saying “what’s yours is mine, what’s mine is my own” is often said in jest. If you are going to live together or marry this may affect your ability to protect your hard earned assets in the future.
So what can you do to keep your assets safe?
You can do a number of things:
When a couple have agreed to marry, and set the date, a Pre-Nuptial Agreement can be drafted setting out the assets of each party going into the marriage, and what the intention is for those assets in the event that marriage subsequently breaks down. Whilst not currently legally binding or enforceable in England and Wales, where a Pre-Nuptial Agreement has been prepared, the Divorce Courts will consider that alongside other factors when looking at distributing assets. There are strict guidelines as to the timing of Pre-Nuptial Agreements, and it is advisable that this is prepared and signed as far in advance as possible before the wedding. Hopeful it will be a document that is kept in a safe place, and never needed, however if the marriage breaks down then it can be a useful and informative document in identifying pre—marital assets of each party and the intentions of the parties from the outset
There is a lot of misinformation regarding cohabiting couples. There is a myth that when parties cohabit they acquire the same rights as married couples and are “common law” husband and wife. This is incorrect, cohabiting couples do not have the same rights as married couples. Where one party owns a property in their sole name, the other does not automatically acquire an interest in the property when moving it, even if they have lived together for a number of years.
A Cohabitation Agreement can be drawn up to set out the agreement and intention of the parties when they begin to cohabit, and this can prove very useful in the event of a separation when recollection of previous agreements may be forgotten or clouded.
If you have assets that you want to protect for you and your families future; we can help. It is not as complicated or costly as you may think.
Call Melanie Young at Waldrons on 01384 811811 for more information.