Many of us have heard of a prenuptial agreement, often made popular by the rich and famous who have used pre nups for some astounding outcomes. Take Robert and Shiela Johnson for instance. Robert Johnson, America’s first African-American billionaire and co-founder of BET, settled a divorce with his wife of 30 years to the value of $400 million when their marriage ended in 2002. The prenup made this outcome possible as it was up held in court and Sheila was awarded half of their joint assets, making it one of the biggest divorce settlements in history.
Less people however are aware of a postnuptial agreement. So what’s the difference?
The main difference between a pre and a postnuptial agreement is that if you require a prenup in your relationship then this needs to be implemented before you are legally married. A ‘postnup’ can be added any time after getting married.
Splitting up is the furthest thing from anyone’s mind when they are getting married and so a ‘prenup’ can be a difficult subject to broach as you approach your wedding day. Sadly however 44% of marriages do end in divorce and so if you and your partner regret not thinking about getting a prenuptial agreement before getting married, a postnuptial agreement could be the solution for you.
A postnuptial agreement will document what you and your partner want to happen to your money, property and assets if your marriage or civil partnership did break down and came to an end. Postnuptial agreements are commonly used if you and your partner have married but wish to set out how your finances will be distributed if you separate. Both a prenuptial and postnuptial agreement could be the deciding factor if your divorce settlement ends up in court as the court will generally stick to the terms of your agreement unless the effect of it would be unfair.
Michael spoors solicitors have years of experience drafting pre and postnuptial agreements so that you can relax and enjoy your relationship without fear of what might happen if the relationship breaks down. So if you are looking to join the likes of Beyonce and Jay-Z or Donald and Ivana Trump and get a pre or postnuptial agreement, then we can give clear and concise advice. Contact us on 01983 632006 or email firstname.lastname@example.org for more information.