Rebecca Oakley Family Law Solicitors Cardiff your expert family lawyer for Postnuptial Agreements
A postnuptial agreement is an agreement made between parties to and existing marriage or civil partnership at any time after the marriage. Like Prenuptial agreements, they seek to set out a financial settlement in the event the marriage or civil partnership breaks down.
Typically, Postnuptial agreements are considered when there is a significant shift in financial circumstances within the relationship, such as an inheritance, or one party seeks to make a substantial investment with joint funds that would have in impact if the investment fails or the relationship ends. Sometimes they can be entered in to where a relationship is under strain and the parties want certainty and reassurance with regard to finances. Rather than a death knell for a relationship, a Postnuptial agreement can remove the frequently contentious matter of money from the equation so the parties can concentrate on making the relationship work. A postnuptial agreement is a way for planning for your relationship, not for divorce.
It is also advisable, if you have a prenuptial agreement made abroad, to have that agreement reaffirmed in England and Wales. Also, if you have an older agreement, you might consider having it updated. The passage of time or significant intervening changes in the finances of the marriage can weaken even a well drafted postnuptial agreement.
In common with prenuptial agreements, a Postnuptial agreement should be properly drafted with the parties entering in to it freely with the benefit of independent legal advice and full appreciation of its implications. If these important steps are taken, it would be very difficult for s party to go back on what has been agreed in the Postnuptial Agreement. There would have to be a finding of substantive or procedural unfairness – something that can be avoided with proper advice and drafting by expert family solicitors.