The path from here to eternity can be a rocky one. Putting in place a postnuptial agreement can make it easier to navigate
A headline in the Daily Mail this summer proclaimed: “Why a post-lockdown postnup could SAVE your marriage”. You may or may not want to take marital and legal advice from the Mail but this year has certainly seen a surge of interest in postnuptial agreements.
Various factors could account for this, not least the pressures of lockdown, or people taking advantage of extra free time to do financial and legal planning.
Regardless of the reasons behind them, these queries show people are taking a common-sense approach and ensuring security no matter what the future holds.
When to consider a postnup
A postnuptial agreement is similar to a prenup but made after you tie the knot. It can be done at any time – a week or so after the big event, or decades later - and doesn’t have to signify that your relationship is on the rocks.
"A postnup doesn’t have to come out of an episode of Housewives of Beverley Hills...it can just be a practical element in your overall financial planning."
There’s no definitive list of scenarios where a postnuptial agreement is advisable but they can typically be useful when:
- There is a family business: a postnup can ensure control of the business is retained in the family in the event of a split.
- One partner inherits money: in Scotland, an inheritance after marriage is not usually part of the matrimonial pot, but the situation is less black and white if, say, it is put into a business or used as a deposit on a home.
- Your financial situation has changed: perhaps because of a career break, voluntary or otherwise.
- You intended to make a prenup but didn’t get around to it.
In short, a postnup doesn’t have to come out of an episode of Housewives of Beverley Hills; nor does it have to be a Mail-style solution for a strained marriage. It can just be a practical element in your overall financial planning.
If you would like more information about postnups and how to ringfence your assets, our team will be happy to help.
