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How Can You Protect Your Assets Without A Prenuptial Agreement

Prenuptial agreements can be one of the most effective ways to protect your assets if you get married or are in a partnership and you end up divorcing or separating. While some feel that prenuptial agreements should not be needed, divorce and separation are sadly a part of modern day life. Therefore it is perfectly acceptable to plan ahead if the event occurs.

In the unlikely event that you will need a prenuptial agreement, you are ensuring your assets are protected, however, many do not wish to plan for the breakdown of a relationship. What can you do rather than arrange a prenuptial agreement that protects your assets?

Keep Your Funds Separate

There is always a risk with joint bank accounts that one breadwinner may feel like they own more or put more into the pot. With money going in from two people, it can be hard to keep track of exactly what you have put in or are trying to save. There is an easy way to solve this, and although it may not be the most diplomatic for your relationship you can always keep funds separate and come to an agreement over who pays what. This prevents courts attempting to split up your cash or decide who should get the majority of the capital in the event of separation.

Keep Your Own Property

Many couples live together; however, this was not always the case. Some people own a property before getting married, and when they do, this becomes part of their estate. However, if you put the other person's name in the deed a court could assume that you gave the property, or agreed to share the property with the other person or given it to them as a gift. Therefore, it is advisable to keep your property separate and decide what to do if you wish to sell the property. Extra properties can also prove to be beneficial with extra income if you chose to lease the property or sell it when the housing market is at its peak.

If you are doing any work or maintaining the property, it is important that you try and do this with non-marital funds or part of your finances and keep proof. If your relationship was to break down and your property was separate, but much of the work was paid for your partner, they would be able to claim some ownership of the flat.

Keep Pre-Marriage Records

It is important to keep records before you are married, you should get statements before you get married as well as a valuation of your business prior to a partnership of any kind.
While a prenuptial agreement is the ideal way for specifying how assets are to be divided should there be a dissolution of marriage by following these steps you may be able to avoid putting such an agreement in place and retain the majority of your assets if your relationship ends.

Contact Us

We understand the difficulties that can arise in the breakdown of a relationship. If you require our solicitors to begin divorce proceedings or if you wish to create a prenuptial agreement contact our team of family solicitors using our online contact form.

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