Co-Habitation and Pre-Nuptial Agreements
Pre-Nuptial Agreements are a useful way of ensuring that, in the event of a breakdown of their marriage, each party knows and makes provision for how their own and any joint assets will be divided between them.
It may seem unromantic to consider such things and one hopes they are never required but, particularly when one party has substantial wealth, it may provide a feeling of security and trust going forward. We can provide expert advice and assistance in drawing up such Agreements.
Since 2006 co-habitants have had a legal right in Scotland to a make a financial claim from the other party on the termination of the relationship. It also makes sense to decide how and whether this should happen before deciding to live together. Very often for example, both parties may contribute in unequal shares to the purchase of their home but the title will be taken in joint names with no provision to reflect the unequal proportions.
It is essential to obtain professional advice about your position in these circumstances to ensure that assets are divided in a way that both parties consider fair at the outset should the relationship break down. This can help to avoid the risk of finding yourself involved in costly and stressful court proceedings at the end of the relationship.