Contrary to popular belief, Prenuptial Agreements (‘pre-nups’) and Pre-civil Partnership Agreements (‘pre-cips’) are not just for the rich and famous and indeed, are becoming increasingly popular in Scotland.
While some people believe they can be detrimental to a relationship, they can in fact strengthen it, providing transparency and certainty going forward. Many consider them as a form of insurance – sensible to have but hopefully never needed again. Let me talk you through some of the implications, and answer the most common questions…
The most common reason for preparing a pre-nup or pre-cip is where you are jointly purchasing a property but only one person is funding the deposit. The document can then be used to set out what will happen to that deposit if you later divorce.
Pre-nups or pre-cips are particularly beneficial if you have been married before or met later in life, having accumulated assets in your own right. They are also sensible to consider if a person has children from a previous relationship, to ensure that their assets are protected and preserved for the future, rather than their new spouse or civil partner going forward.
Or perhaps a family business is involved – here, a pre-nup or pre-cip can ensure that control of the business remains within the family in the event of a later separation between the couple.
These documents are prepared after the wedding or civil partnership.
Sometimes, they can be used where one person has acquired assets after the date of the wedding or civil partnership, perhaps from a gift or inheritance, and they wish to clarify how the capital is to be dealt with in any subsequent divorce.
Unlike the position south of the border, pre-nups and post-nups have been legally recognised in Scotland for centuries and provided the document has been correctly entered into and certain boxes ticked, the Courts in Scotland will recognise them. However, it is crucial to obtain specialist advice as far in advance of your wedding or civil partnership as possible. Don’t leave it to the last minute.
For a free, no-obligation discussion about your situation, please get in touch…
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