While you might have heard of prenuptial agreements, or ‘prenups’ as they are often abbreviated, you may be less familiar with postnuptial agreements or how postnups work in UK divorce law.
In the following video, Isobel Willoughby, Head of our Commercial and Corporate Department, explains what a postnup is and why they are becoming more popular among couples with joint ownership of a family business. Watch it to the end to learn how a postnup could protect your business assets in a divorce.
The Importance of Postnups: Transcript
Here’s a fun fact: postnups are having a moment. They’re like the cooler, more reliable sibling of the prenup. Think of them as the trusty insurance policy you didn’t realise you needed, until you do. And guess what? They’re actually more enforceable than a prenup here in the UK.
But why the sudden rise in popularity? Well, it turns out they’re incredibly helpful when there’s a family business on the line.
Picture this: you build something amazing together during your marriage, like a carefully nurtured business baby. But life happens, and if things start heading south, you want to protect what you’ve built without turning a tough situation into an all-out war.
That’s where a postnup comes in. It’s basically a legal safety net that says, “Hey, if we split, here’s how we’re going to handle the business and our assets.” Simple, straightforward, and much easier to agree on when things are amicable.
At Newtons, we’re seeing more and more couples choosing to future-proof their family businesses in this way, and honestly, it makes so much sense. If you want to chat about how a postnup could protect what you’ve built, get in touch.
Postnup Agreement Lawyers at Newtons Solicitors
Divorce may be the furthest thing from your mind when entering into business with your spouse, but when relationships break down, negotiating a financial settlement becomes much more complicated if your business assets have not been discussed beforehand. By arranging a postnup agreement with lawyers experienced in family and corporate law, you can safeguard your financial future while alleviating some of the stress associated with the divorce process.