A major source of stress for clients is not knowing at the outset what the financial outcome of their divorce will be. Far from being the preserve of the super-rich, sensible wealth protection strategies - including agreements like prenups (short for prenuptial agreements) - are increasingly being used to provide that certainty, dealing with problems before they arise.
Our specialist wealth protection solicitors regularly help a wide range of clients plan for the future. With an unrivalled multi-disciplinary approach, a network of contacts stretching across the globe and a wealth of practical experience, you can be confident in our ability to advise you whatever your circumstances.
Get in touch today to learn how we can help you with wealth protection.
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What is wealth and asset protection?
Wealth protection is a plan for protecting the financial assets and property you've built up throughout your life for the benefit of you and your family. It can include various strategies to reduce the uncertainty and disputes that may arise from certain circumstances - including relationship breakdown - helping preserve your wealth for you and future generations to enjoy.
How do I protect my assets before marriage in England and Wales?
Prenuptial agreements
Prenup agreements are one of the most common ways individuals protect their wealth before marriage. A prenup outlines what assets each person has before marriage and what should happen to them if they get divorced, if the prenup was freely entered into by both sides.
Prenup agreements aren't currently legally binding in England and Wales but are usually upheld by the Family Court if they meet qualifying criteria set out by the Supreme Court.
Trusts
Trusts such as family asset protection trusts can be set up to protect money for dependents. For example, if either party in a couple has young children who can't yet handle their affairs, having a trust in place can help defend challenges in the event of a divorce.
It's important to note that creating a trust just to protect money in a divorce can be dismissed in court, however, so it's wise to seek expert advice about their setup and management.
Cohabitation agreements
Almost a quarter of all couples in England and Wales live together without being married or in a civil partnership. Yet couples that aren't married in England and Wales have few rights if their relationship breaks down and they choose to separate. A cohabitation agreement outlines how a non-married but committed couple's respective assets will be divided if they decide to part ways.
How do I protect my assets and wealth from divorce in England and Wales?
If you're already married or in a civil partnership, there are still ways you can protect your assets.
Firstly, you could choose to sign a postnuptial agreement. If your relationship breaks down this sets out how assets should be divided in the same way as a prenuptial agreement. It's just created during your marriage, rather than beforehand.
If your relationship is beyond saving and you're in the midst of a hostile divorce, protecting your assets is one of the most important things you can do. You can apply for a court order to protect them if you think your ex-partner might threaten your wealth by selling, transferring or moving assets before you settle.
This needs to be done under the guidance of expert asset protection lawyers. If you think your assets might be under threat from an ex-partner, speak with us right away.
