I want to protect what I've worked hard for

Friday 30th July 2021

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:

Prenuptial Agreements 

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

Cohabitation Agreements 

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.