Keep it in the family – value of Pre-Nups

Amanda Jones, Associate and Family Law Solicitor, explains the value of pre-nuptial agreements.

We all want to preserve our financial assets and be able to pass them on to future generations. It is very important to consider asset protection within a family context.

The concept of Common Law Husband/Wife is a myth and people living together should always consider entering into a Cohabitation Agreement, regulating how financial matters would be dealt with in the event of separation.

The current law relating to cohabitees and married people is very different.

Anyone intending to marry or form a Civil Partnership should consider having a Pre-Nuptial Agreement drawn up providing for how assets, including property, businesses, farms, Trusts and inheritance would be divided upon divorce.

Currently, Pre-Nuptial Agreements are not legally binding in England and Wales. However, more and more the Courts are taking properly drawn up Agreements into account in determining how matrimonial assets should be divided up and therefore they can offer protection to help ring fence family assets in the event of marriage breakdown. It is becoming more common for people, especially in the farming community, to enter intoPre-Nuptial Agreements to help preserve assets built up prior to marriage, including where one party has inherited family assets or upon second or subsequent marriages.

Porter Dodson Solicitors & Advisors has one of the largest family law teams in the South West. Our specialists are able to advise upon Cohabitation and Pre-Nuptial Agreements and all aspects of family, children and matrimonial law.

We are very experienced in negotiating agreements and settlements and in representing clients within court proceedings. We are however, also one of only very few solicitors’ firms in Somerset and Dorset which is in a position to offer clients a Mediation service and trained Collaborative Lawyers. These constructive and non confrontational methods of dispute resolution may be particularly important for farming clients, where it is very important that family businesses are able to continue beyond relationship breakdown.

To find out more about how we can help you and your family, please contact one of our Family team.

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