Nash & Co - Family law specialists in Plymouth, Devon

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Finances: Pre & Post Marriage

The love of money may well be the root of all evil, but the lack of it can cause its own problems, too. And disputes over who’s entitled to what – especially in families – can be particularly acrimonious during a divorce, a separation, or following a bereavement.

A lot of those disputes can be prevented entirely by careful planning and taking legal advice at an early stage – for instance, by having a pre-nuptial agreement, or by drawing up wills that leave nothing to doubt.

And if you and your partner are in business together, or you marry into a family business, you can head off any future conflicts by having legal agreements that state what should happen in the event of a divorce, separation, bereavement, or one party’s wish to sell or leave the business.

Your finances can be turned on their head in the event of a divorce or separation, as two people with one home between them suddenly need one each, with no additional income to pay for it.

And when children are involved, there are issues of maintenance, school fees, accommodation and sometimes even international travel if their parents are living far apart.

Pensions and Divorce

Pensions, too, are a significant factor in people’s finances today.  What happens if one partner has a considerable employer or personal pension?  This can be of particular concern for members of specialist occupations, such as the military, police, firefighters, farmers, medical professionals and business owners.  You can read more about how divorce may affect your pension and other financial issues by downloading our specialist occupation factsheets.

And when couples go their separate ways, it’s not unheard-of for one to discover that the other had been secretly squirrelling away assets for years that weren’t declared at the divorce hearing.

Premarital (Prenuptial) Agreements

We’re amply qualified to help you with any of these issues at Nash & Co. Our Family Law team will help you in time of crisis, of course, but they can also help you prevent those crises occurring by helping you look ahead and take preventative legal measures right at the start.

No-one goes into a marriage or embarks on a relationship expecting it to fail, but a glance at the statistics suggests that a prenuptial agreement is a prudent step to take, all the same!

A premarital agreement, also at times known as a prenuptial agreement, is simply an agreement by which the parties set out how they are going to divide their assets and income upon divorce or separation if this happens following the marriage.

One of the key issues with a premarital agreement is of course that you and your partner wish to get married. Negotiating and agreeing the terms of a premarital agreement can therefore be uncomfortable and add a layer of expense which may not have been previously anticipated.  Both of you should have access to independent legal advice.  At a time when you are wedding planning, perhaps planning for an extended period off work for a honeymoon and going through those stresses and strains of making sure everything in place, can you afford the time, effort and energy to negotiate the circumstances of a relationship breakdown before that relationship has become a marriage?

The same goes for wills. If everyone had a professionally-written will that anticipated all the likely consequences of their demise, there would be queues of redundant judges and lawyers at the JobCentre.

So if you’d prefer not to leave things to chance – specially when they affect your children’s future and your own happiness – give us a call now on 01752664444 and we can start to put those preventative measures in place for you.