Post-nuptial agreements are often misconceived as being ‘only for the rich’. However, this is not the case.
A post-nuptial agreement can be used by anyone who wants to provide some degree of protection for their assets and finances in the event of relationship breakdown.
In this article, Family Partner Simon Immins looks at the pros and cons of entering into a post-nuptial agreement and outlines what can and can’t be included in one.
What is a post-nuptial agreement?
A post-nuptial agreement is an agreement between married couples or civil partners which sets out what they would like to happen to their assets and finances if they were to split up.
This agreement differs from a pre-nuptial agreement, which is usually more common, as it is entered into after a marriage or civil partnership rather than before.
Read our separate article on pre-nuptial agreements here.
How long after marriage can you do a post-nuptial agreement?
You can get a post-nuptial agreement any time after getting married or entering into a civil partnership, as long as both you and your partner agree to it.
It’s usually agreed that the sooner you enter into a post-nuptial agreement (or as soon as you gain an asset or interest in an asset that you hope to protect), the better!
How long does a post-nuptial agreement last?
The longevity or enforceability of a post- nuptial agreement depends on the circumstances that led to the agreement being made and any changes that have occurred since the agreement was reached.
This is particularly the case if those changes are significant.
If there have been any dramatic changes in the parties’ circumstances then it is important that theses changes should be considered and the document reviewed even if it is subsequently not changed, so it remains valid.
If these steps are followed, then the agreement will continue to have validity.
The Pros and Cons of Post-Nuptial Agreements