What is a postnuptial agreement?
“A postnuptial agreement is a written contract executed after a couple gets married, or have entered a civil union, to settle the couple’s affairs and assets in the event of a separation or divorce”. Wikipedia
When might you want to consider putting an agreement in place?
Your personal circumstances may change after getting married or entering into a civil partnership agreement. Typical examples include:
- Inheriting a large sum of money from a friend or relative that’s going to be used for a property purchase
- Being left a property in someone’s will that’s going to become home for your and your partner/spouse
- One person retiring and receiving a pension they built up before they got married/entered into a civil partnership
- Being gifted a large sum of money that you plan to use to buy assets
It’s worth noting that properly drawn-up postnuptial agreements are likely to be legally binding in Scotland.
What does a typical postnuptial agreement include?
While the actual contents of a postnuptial agreement will largely depend on the circumstances and preferences of the couple involved, they are essentially used to cover the division of property and spousal support in the event of one of the following taking place:
- Breakdown of the marriage e.g. separation
- Divorce
As with prenuptial agreements, broaching the subject of a postnuptial agreement with your spouse/partner may difficult for you. While it’s certainly not a romantic subject to discuss, if your circumstances have changed considerably since you got married or entered into a civil partnership, you may feel it necessary to protect your financial interests accordingly.
Whether you’re ready to draw up your postnuptial agreement or have some initial questions, get in touch with Fiona using the details below for expert legal help.
