Providing the answers to your legal questions Top Tips for setting up a Pre-Nuptial Agreement
People who marry do not expect to divorce. However it’s not uncommon for people to look for ways to protect their assets before saying “I do”. Here are our top tips for getting the right Pre-Nuptial arrangement:
1 Understand Pre- Nuptial Agreements Pre-Nuptial agreements are not just for celebrities, anyone with assets to protect could benefit from such an agreement. These make clear that certain assets belong to you alone and won’t be shared during the marriage or in any future divorce.
2 Get the Right Advice Both you and your partner should seek specialist inde- pendent legal advice to ensure you both understand the implications of the agreement.
3 No Pressure Pre-Nuptial agreements should be signed well in advance of your wedding and should be entered into
I have recently remarried. How do I ensure my daughter from my previous marriage, inherits my half share of the property which I own jointly with my new husband?
We cannot predict unforeseen events which may arise in the future. If you make a basic Will leaving your property to your husband assuming he will leave a share to your daughter in his Will, then it is important to understand your husband is free to change his Will at any time in the future. If this happens then there is no guarantee that your daughter will inherit anything.
The safest and fairest option to ensure that your daughter inherits your share of the property is to set up a Life Interest Trust Will. Your property must be held as Tenants in Common meaning it is owned in equal shares or unequal shares based on the contribution each person has made.
freely by both parties.
4. Good Communication Pre-Nuptial agreements often prompt uncomfortable conversations. Be open and honest about the assets you own and those you’re not willing to share.
5 Be Fair Fairness within a Pre-Nuptial agreement is hugely important, as this can determine whether the agreement is upheld or not. Also, be clear about your own financial position and what it would mean to relinquish your entitlement to your share of your partner’s assets.
6 Weigh Up the Costs It’s important to consider the costs you will pay for legal fees for getting the agreement in place (which are minimal) compared to the cost of litigating over the division of your finances later on.
A Life Interest Trust means that upon your death your daughter will own your half share of the property.
Your husband would have the benefit of the right to continue living in the property for the rest of his life.
Another advantage of this type of Will is that if your husband needed to go into residential care, then the local authority will exclude your daughter’s half share of the property when assessing your husband’s assets, thus protecting your daughter’s inheritance.
When your husband dies, or indeed remarries, the trust will end and your daughter will receive her inheritance in accordance with your Will.
Law Spot is brought to you by Harold G Walker Your Friend-in-Law.
There is no guarantee that your question will be used and you will not get a personal response. The answers in this feature are for guidance purposes only and do not constitute legal advice.
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