Prevention is often better than cure, and there are ways in which you can safeguard against future issues arising by use of a number of measures, including consideration of Living Together Agreements to be entered into in advance of a couple planning to live together.

Living Together Agreements

Currently there is no legislation in place to protect the assets of a cohabiting couple. If you are part of a couple who live together, particularly if you have children or have purchased a property together, and your relationship has broken down, our specialist Family Law Team will guide you through this complicated area of law and will advise you on the apportionment and protection of your assets. If you are considering living together or have been living together for some time, our Team can advise you on the benefits of entering into a Living Together Agreement. Prior to entering into a marriage contract, steps can be taken to minimise any issues which may arise in the event of a future divorce or separation.

Prenuptial Agreements

A Prenuptial Agreement is entered into prior to a marriage and is designed to set out a fair allocation of a couple’s assets should the marriage end in divorce or separation. For the agreement to exist in the first place, both parties will need to disclose all financial information to ensure that they are aware of each other's assets. At Howes Percival, our Team can offer specialist advice to couples entering into such an agreement and will ensure that the couple has a full understanding of the terms and implications of the agreement. The presence of an agreement can influence a court's ultimate decision, and in some circumstances its terms can be upheld. The existence of such an agreement will minimise high legal costs and limit emotional trauma should a marriage not survive.

Business structures

Parties may not only be married or in a committed relationship together, but they may also be work partners, fellow shareholders or executives within a business. Advance planning and use of Shareholder Agreements, consideration of how shares are held and voting rights, and appropriate use of business structures, can significantly assist in the event of a future relationship breakdown.

Trust structures

All assets are disclosable within divorce proceedings, including interest in trusts and discretionary settlements. However, trust structures are looked at separately, and special rules apply in order to assess how realisable the interest in the trust may be, either now or in the future. Correct use of trust structures can add clarity and prevent future issues arising if appropriate steps are taken well in advance of any relationship breakdown.

Property

Property may be held in variety of ways. Frequently parties are purchasing property together, without appropriate thought being given to how the asset should be divided in the event of a future problem arising. Pre-planning can assist.

Postnuptial Agreements

A Postnuptial Agreement is similar in terms of content to a Prenuptial Agreement but can be entered into any time after a marriage or civil partnership has taken place. Our Team can advise you on all aspects of a Postnuptial Agreement.

Frequently asked questions