Pre-nups, cohabitation agreements and even pet-nups!

The idea of discussing pre-nups and cohabitation agreements may not seem romantic at the start of a marriage or relationship, but these can avoid future complications. Being proactive from the start can save a lot of heartache down the line. Preparing a pre-nup or cohabitation agreement is not about anticipating a breakup. It is more about building a strong foundation for your relationship and protecting your future both financially and emotionally.

These agreements can be particularly important if one partner comes to the relationship with significantly more financial resources than the other. Additionally, you can protect inheritance rights particularly where there are children from previous relationships.

Pre-nups

For couples getting married in England and Wales a pre-nuptial agreement allows you to establish clear financial arrangements for what would happen in the event of a divorce. This can include pre-existing assets like property, inheritances or business ownership. It can extend to future income, savings and how this will be handled.

Although pre-nups are not automatically legally binding in England and Wales they will be upheld by a court if they meet certain qualifying criteria to include that the agreement must have been freely entered into, independent legal advice was given to each party and that children should not be disadvantaged.

Cohabitation agreements

If you choose not to marry, a cohabitation agreement is crucial if you are co owning property or planning to live together long term. It can set out the financial contributions each party will make towards shared bills and mortgage payments and what will happen to property if the relationship ends. If only one party owns the property, the agreement can make clear whether it is intended for the other party to earn any rights to an interest in the property for example by contributing to the mortgage payments.

Pet- nups

Pets can often be an issue and the law treats them as if they are an item of property! However, within a pre-nup or cohabitation agreement, arrangements can be agreed as to pet related expenses and who will take the pet on should the relationship end, together with visitation arrangements for the other.

Whilst a pre-nup or cohabitation agreement may be an additional cost it should be viewed as an insurance policy to protect you if the worst happens.

Alison Hall, a solicitor in our family team has years of experience in advising clients on pre-nups and cohabitation agreements and can be contacted on 01689 887887. To book an appointment with Alison, please use our online booking system here:  Family Appointments - Clarkson Wright & Jakes Solicitors (cwj.co.uk)