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Silver Pre-nups: Protecting the Family Silver

Although once seen as unromantic, couples who have been through a divorce have a greater appreciation of the benefits of a pre-nuptial agreement. As remarrying in later life becomes more common, these couples are increasingly looking for ways to protect their own, individual assets from their new marriage. This is to ensure that they are ring-fenced from their new spouse and free for their children from any previous relationship to inherit.

Waltzing into the picture to regulate this wish is the silver pre-nup.

How do they work?

When a married couple separate and go through a divorce in Scotland, it is common for all matrimonial property to form part of the pot that is then divided between them. Couples who have already been through a divorce will have an understanding of this process and have a firmer grasp of what can and cannot form part of the pot. At Jones Whyte, our Family Lawyers can assist with the negotiation and preparation of a pre-nup so that both parties enter a marriage fully aware of the consequences should the relationship breakdown.

The pre-nuptial agreement can be tailored to make sure that certain assets are excluding from ever being deemed as matrimonial property and thus, making sure that specific assets they have brought into the marriage pass to their own children. This way even if the newly-weds pool their resources and thereafter separate, it is possible to distinguish who owns precisely what percentage of the property.

It is important to seek advice as to what types of assets can be protected and what the law cannot protect. We can walk you through this and explain the pitfalls of particular types of assets to you before you make any permanent decisions.

Pre-Nups & Inheritance - Wills, Pension beneficiaries

Most people change the terms of their will once they divorce and change the nominated beneficiaries on any pension or life insurance policy. Before the 1st November 2016, divorce did not have an impact on a will made when the couple were still married. Now, where a person makes a will conferring a benefit on their spouse and the marriage is legally brought to an end, the former spouse will be treated as having predeceased them. It is important therefore, to consider whether the terms of any existing will is appropriate when entering into the second marriage.

In the event that you do not have a will and you remarry, Scots law does not provide for your assets to go directly to your children. Your spouse can claim prior rights - so called because they come prior to the rights of any other person.

Our dedicated Family Law and Private Client teams can guide you through all aspects of creating a pre-nuptial agreement and ensuring your will accurately reflects your wishes subsequent to your new marriage. This way both parties can make sure that their estate passes to their children rather than their new spouse.

Pre-nuptial Agreement Lawyers Glasgow, Scotland - Contact us

Do not hesitate to contact us to find out how we can help you achieve financial peace of mind and certainty. For expert advice tailored to your circumstances, contact our family lawyers today to discuss your own prenuptial agreement or make an online enquiry.

 

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