A post-nuptial contract is designed to deal with the same situation as a pre-nuptial contract except that it is made after the marriage. A post-nuptial contract decides what should happen to each other’s assets after divorce. This contract is entered in to by the couple during their marriage. A post-nuptial contract can be considered in different circumstances. For example, if the couple has previously been separated but are now in a relationship with each other again and want to avoid the uncertainty if things going wrong again.
A post-nuptial agreement is relatively a new in the UK. Like pre-nuptial contracts post-nuptial contracts are also not automatically enforceable in England and Wales. However, if the couples who are entering into post-nuptial contracts with their eyes wide open are likely to be held to their agreed contract subject to that they are not unfair.
It is important for couple to discuss fully with their spouse so they know what they agree on, which will make this process a lot easier and less stressful. A Post-nuptial contract usually includes the following details;
Debts and assets and how to deal with them;
List of personally and jointly owned assets;
Income and expectations of any inheritances and / or gifts;
How much maintenance will be paid to your ex-partner?
Future income or gains;
In the event of your death what will be covered in your Will?
How the properties are to be divided if any?
Insurance covers including life, medical and disability.
Likewise with Pre-nuptial contract it is crucial that the couple must obtain independent legal advice from a solicitor for post-nuptial contract as well. Usually the couple will need to instruct separately different firms of solicitors in order to avoid any conflict of interest.
We at Sabeers Stone Greene LLP can assist you in writing up this contract with the assistance of our experienced family law solicitors. We try our best to make this process as less stressful as possible.