Parties often only consider assets they own at that time when looking into whether a Nuptial Agreement is necessary. A Nuptial Agreement can be entered into either prior to marriage or after marriage and the parties will often consider current property, business interest or pensions. However, future capital can be overlooked and should also be considered.
When parties separate, we review all matrimonial property whether that is in joint or sole names. Assets such as inheritance may be potentially considered as ‘Non-Matrimonial Property’, however, this is not guaranteed. One party may also have received a financial award in respect of an injury/illness during the relationship which is used towards their ongoing care. This award will need to be considered as to whether this is still required to meet that person’s individual needs or if this should in fact be considered as an asset for division.
The court can take into consideration any, and all assets in both parties’ names when looking to ensure that both of their needs are met following separation. This includes properties, pensions, business interests, and capital, regardless of when these were acquired.
There is a strong emotional connection to inheritance and often parties will wish for these to remain with the respective party to whom it has been gifted. However, the Court will need to consider if the inheritance is required to meet the financial needs of both parties.
A Nuptial Agreement (whether this is made before or after you are married) can deal with any future inheritance and the wishes of the parties. A Nuptial Agreement should also be reviewed if financial circumstances alter for either party, for example, where a large payout is received.
It is important to obtain legal advice at an early stage so that our specialist lawyers can advise whether a Nuptial Agreement is necessary and what is possible, taking into account the Court’s considerations. For a free exploratory call to see how we can help, please contact a member of our Family Team on 01206 719637.
