You have been married previously. You are considering marrying your new partner but have concerns about protecting your assets for the benefit of your children.
If you have been through a divorce, it’s perfectly understandable to be concerned about protecting your assets if you decide to marry again. This could be to make sure you’re adequately protected in the event of the new marriage breaking down, or ensure that your children from a previous marriage are protected in the event of your death.
It is always worth seeking legal advice to find the solution that best fits your own unique circumstances. But some things you may wish to consider include:
It is possible to prepare a prenuptial agreement to determine how assets will be divided in the event that your marriage breaks down. Although prenuptial agreements are not recognised automatically by English courts, the courts will attach significant weight to the agreement if certain conditions are met.
For example, the agreement must be fair and meet the needs of both parties, and both parties must have entered into the agreement freely following independent legal advice at least 21 days before the date of the marriage.
Despite common opinion, prenuptial agreements are not only for the wealthy! They are an effective way of preserving assets which you may have inherited or acquired before the marriage or acquired as part of a family business for the benefit of your children in the future.
If there are significant changes in your circumstances, such as if you go on to have children with your new spouse, then you may wish to revisit the terms of the agreement.
It is important to ensure that you have a valid and up-to-date will if you wish to pass on certain assets to your children. If you were to remarry and did not have a will in place, in the event of your death your spouse would get all your personal items (which are known as chattels) and the first £250,000 of your estate. Any will that you did have in place would be rendered void by your new marriage.
If you are considering remarrying and have any concerns about protecting your assets, it is always advisable to seek legal advice from a family and/or private client lawyer.
The Lester Aldridge family team deal with these and other issues on a regular basis and are frequently instructed by clients regarding divorce proceedings.
If you would like to discuss any aspect of separation, arrangements for your children or wish to protect your assets prior to getting married, contact the family team on 01202 786161 or email [email protected]