Protect Assets in a Divorce
- What property do people often want to protect in a divorce?
- Keep premarital assets separate to protect property from divorce
- Consider a prenuptial agreement to protect assets in a divorce
- What can be included in a post nuptial agreement?
- Reaching an agreement to protect assets in a divorce
- Seek early legal advice to protect assets in a divorce
Divorce could be inevitable in some family circumstances and during this process spouses often want to ensure they protect assets in a divorce. What could be more daunting is the prospect of losing your assets and finances. These assets could have been acquired prior to your marriage or as part of an inheritance. It may seem unfair for you to having to divide these assets with your partner as part of your divorce settlement. Our family lawyers have compiled this guide to assist you to try and protect assets in a divorce and protect property from divorce.
What property do people often want to protect in a divorce?
Generally, people will be concerned about protecting their pre-marital property or property which is separate from the marriage. These assets are often:
- Property you bought into the marriage, which was bought prior to the marriage
- Gifts you received
- Any inheritances you received
- Awards from legal actions such as compensation
- Finances built up or acquired prior to the marriage.
Keep premarital assets separate to protect property from divorce
The first step to protect assets in a divorce is to keep premarital assets separate. These should not be allowed to become marital property. If the court establishes that your separate property has become marital property you will not be able to protect property from divorce. In order to protect assets in a divorce you have a number of options which are listed below.
Consider a prenuptial agreement to protect assets in a divorce
Prior to marriage couples can considering entering into a prenuptial agreement. A prenuptial agreement includes details about what will happen to property and assets in the event of a divorce. Such an agreement is entered into prior to a marriage. With the assistance of a prenuptial agreement, couples can look to specify which of their assets will not be considered as part of a divorce settlement. This is a good way to protect assets acquired before the marriage such as properties and monies. It also allows you to protect any property which you acquire from inheritance or any gifts you are likely to receive. By entering into a prenuptial agreement, you will be able to ensure that certain property remains yours and you are therefore able to protect property from divorce. Although a prenuptial agreement is not legally binding in the UK, the courts will consider this agreement as it is intended to assist with the division of matrimonial assets and finances in the course of a divorce.
Consider a post nuptial agreement to protect property from divorce
Post nuptial agreements are similar to the prenuptial agreements mentioned above. However, these are for people who have entered into a marriage or civil. Such agreements also allow a person to protect assets in a divorce. Post nuptial agreements allow to record an agreement reached between a couple as to how assets and finances are to be divided in the event of a marital or relationship breakdown. Similar to pre-nuptial agreements these are not legally binding in the UK. The court does not have to follow these agreements although they will be taken into consideration.
A postnuptial agreement is implemented by the courts if the agreement is freely entered into by each partner with full appreciation and understanding of its implications. In order to protect property from divorce prenuptial agreements must be entered into voluntarily, without undue pressure and by being informed of its risks and implications. Each person would therefore need to obtain legal advice before they enter into a post nuptial agreement. At Kabir Family Law our family lawyers in Northampton use their years of experience to assist you in obtaining both pre and post nuptial agreements in order to protect property from divorce.
What can be included in a post nuptial agreement?
Post nuptial agreements could include anything a couple would like. Common things covered under this agreement are:
- Assets bought into marriage by either partner
- The marital home
- Inherited property both prior to and during the marriage
- Joint assets built up during the marriage
- How debts of the marriage will be dealt with and
- Whether any maintenance is to be paid and received and if so, the length that such maintenance will continue.
Reaching an agreement to protect assets in a divorce
Not all issues regarding assets and finances need to end up in the family court. Separating partners are still able to protect property from divorce by reaching a mutual agreement. Whilst undergoing a divorce if the couple have not entered into a pre or post nuptial agreement they can still protect assets in a divorce. If the divorce is amicable and separating partners remain amicable then an agreement can be reached on how assets are to be divided. This agreement can then be entered into a consent order which if the court approves will become legally binding and will also protect partners from any future claims.
At Kabir Family Law we can assist you by promoting communication with your partner and attempting mediation to resolve any issues and differences surrounding the division of assets and finances following a breakdown in relationship.
Seek early legal advice to protect assets in a divorce
Early legal advice can provide concerned individuals many options which will allow them to protect property from divorce. Family specialists can provide advice an options to people who are looking to get married, have already entered into marriage or are looking to separate. Tailored advice can be provided to suit your personal circumstances which will allow you to carefully understand your options and plan ahead to achieve your objective to protect assets in a divorce.
Contact us today for more information on how to protect property from divorce.
At Kabir Family Law, our dedicated family specialists are always at hand to listen to your concerns and assist you in achieving the best results possible for you and your family. Contact us on 0330 094 5880 to discuss your options or let us call you back.