Justin Creed Archive

Keeping it in the Family: Pre-Nuptial Agreements and Farming Families

Despite a recent case where a pre-nuptial agreement was not taken into account when considering the final financial award, pre-nuptial agreements continue to serve a very useful purpose for many families. For farming businesses in particular, these agreements, despite not being legally binding, can provide greater certainty about maintaining the integrity of the farm in the event of divorce. However, although judges will give them weight when determining financial settlements, they must have been drafted and signed correctly otherwise they will not hold water.

Make sure you include pensions in divorce negotiations

Pensions, as an asset to be divided up in the event of divorce, can be easily overlooked in favour of more tangible assets such as cash and property when couples are negotiating who gets what. In December 2000, the rules governing the apportioning of pension assets between divorcing couples changed in an effort to remove some of the inequity inherent in the previous regime by introducing pension sharing. This allows for a proportion of the pension (usually, but not always, the husband’s) to be put into a new, completely separate scheme for the benefit of the ex-spouse.
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