After going through a divorce, marriage may well be the last thing on your mind. But second marriages happen, as do third, fourth and fifth. Entering into another commitment should be an exciting experience rather than one to be wary of, however for many who have experienced difficulties in a previous separation which were centred around children and finance it is understandable to be nervous when entering into another marriage. It is a natural instinct to want to protect what you feel is rightfully yours. We can help you through our asset protection service.
What is Asset Protection?
Do I need Asset Protection?
If the answer is YES to any of the situations below, an Asset Protection Agreement could be an advantage to you.
- We are getting married and need to ensure our individual property is protected in the event that this new relationship doesn’t work out.
- We are getting married for the second time and need to protect any potential claims on the settlement I received from my first marriage if things turn out badly.
- I am a widower considering wedding once more, I would like to protect the assets I accrued prior to meeting my new loved one, on the off chance things do not go according to plan.
- We are due to get married but we feel stressed that if the marriage does not work out, we could find ourselves in the horrible situation of ‘who gets what’.
- We are getting married for the second time; however, we both want to secure our assets to guarantee the assets we built before we met are protected for our children from our first marriages if the new relationship separates.
Getting into a new Relationship with your eyes open
It is highly likely that at some point you will want to move on with your life involving someone else and past experience can help you avoid making the same mistakes again. But we are all human and the marriage statistics for the UK make it important for people to be sure they enter any future relationships with their eyes open and what is important to them is properly protected.
Statistics on Marriage
4 in 10 marriages include at least one partner who had been married before
2 in 10 marriages had both parties previously married
50% of first marriages end in divorce
67% of second marriages end in divorce
73% of third marriages end in divorce
If you feel that a prenuptial is required, a great approach to do it is up close and personal with your partner and an unbiased arbiter in the same room continuously. With the go between, you both can commonly characterize the terms of your prenuptial agreement and straightforwardly examine the worries that are driving you towards needing a prenuptial understanding. A talented arbiter will listen to both sides and can help you concentrate on what is very important and what is less important.
Will an Asset Protection Agreement Stand up in Court?
When you get married many assets become ‘marital assets’ and can be considered for division between you. The fundamental reason for an Asset Protection Agreement is to determine who owns what before entering into the marriage; therefore, if the marriage were to break down there would be a clear, legal document stating what would belong to whom.
At present an Asset Protection Agreement does not convey the same weight as a Court arrangement and won’t “naturally” be maintained or upheld by an English or Welsh court in the case of a separation and/or contradiction.
The courts do however consider them important if they have been prepared correctly, as an Asset Protection Agreement is confirmation of your expectations to each other in the event the relationship breaks down and one of the mechanisms a court will consider when assessing all the circumstances of your case, providing it has been done correctly.
The Court will consider:
- Did the party with the most to lose comprehend the nature of the agreement entered into?
- Did both parties disclose all their assets and include the schedule in the agreement?
- Does the agreement allow for future loss or gain of assets?
- Did both parties take independent legal advice?
- Was the agreement signed more than 28 days before the marriage?
- Would unfairness be done if the prenuptial agreement were maintained?
Divorce Negotiator is able to advise, guide and draw up this agreement with both parties in a straight forward and sensitive way to ensure you are happy with the arrangements from the very beginning. You will both need to provide full disclosure of your financial positions. You should carefully consider the terms of the agreement to ensure they are as clear as possible as this will ensure there is no misunderstanding should they need to be referenced at any point.