A case is currently ongoing in which a wife seeks to be compensated for having given up work to raise the couple’s children.
The couple were married for 21 years and have two adult children. They were earning similar incomes when the wife stopped work to raise their children. The husband now earns significantly more than she does and she is seeking a higher division of the assets in their divorce.
The award she has been given so far leaves her husband in a significantly better financial position.
Samantha Lee, family law Solicitor, says, “This case raises many complicated questions. Should the wife be compensated for having stayed at home to raise the children? Is the work of raising children equivalent to developing a career? And crucially, was it her choice to give up work or was it a joint decision? Something the parties could have considered is entering in to a post-nuptial agreement, during the marriage, to set out their intentions as to what will happen to their money if they separate, this way their intention as to whether their funds should be considered joint would be clear”
Post-nuptial agreements can be entered in to at any time during a marriage and can be used to protect assets that have been inherited or to set out the basis for both parties’ intentions in the future, if they do separate.
Entering a post-nuptial agreement does not need to be a declaration that you intend to separate, but it can make it very clear what you intend to happen to your assets if this does happen. For example, if you have children from previous relationships it may be that you want to protect specific funds or items for them. Another common example is inherited items which have significance to one person only and therefore should be excluded as being considered a joint asset.
If you have children, the impact of separation is significant on them, so if a lot of the acrimony can be taken out, it can lead to a smoother transition to a new family set up. The impact of warring parents on children cannot be underestimated – do you really want your children to become embroiled in an argument over who keeps this ISA or that vase?
An agreement can incorporate anything you want it to. You will both need to take independent advice. If you would like to discuss your options, with no obligation, please contact Swain & Co today – 023 92 492967.
