What’s mine is yours? Top tip 4 for your prenuptial agreement – Keep heirlooms in the family

18th August 2014

Making a prenuptial agreement before you get married can take away some of the financial worry about what will happen to your assets and property if your marriage does not work out.

In this series of blogs, Susan Davies, head of family law at Ansons Solicitors in Lichfield and Cannock, Staffordshire, gives her top 12 tips for what to include in your prenuptial agreement:

Top tip 4 – Keep heirlooms in the family

Inherited wealth and treasured family heirlooms are often a very sensitive issue on divorce, especially if they are likely to fall into the hands of your spouse. You can take steps to prevent this by including express provisions in your prenuptial agreement.

By agreement you can decide whether you will each keep ownership of assets passed on by your own side of the family or whether they will be shared. This division is easier in the case of tangible assets such as paintings or furniture but more thought should be given to how inherited wealth is to be treated. For example, what should happen if one of you inherits money and that is put towards buying a house for you both to live in.

Prenuptial agreements are being increasingly recognised by the court as a good reflection of a couple’s intentions towards each other if they separate. You must both take independent legal advice; give full disclosure of your financial assets and neither of you must be under any duress before signing the agreement. The agreement must also be ‘fair’.

For further advice, please contact Susan Davies in the family law team, on 01543 267 190 or Ansons Solicitors has offices in Cannockand Lichfield, Staffordshire.