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F E Smith
F E Smith, Advocate
Category: Law
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Experience:  I have been practising for 30 years.
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I have properties in the UK which my parents bought with

Resolved Question:

I have properties in the UK which my parents bought for me with family money. I am about to get married, and I would like to know if there's anyway to ring fence these assets in case marriage doesn't work out ?
Submitted: 1 year ago.
Category: Law
Customer: replied 1 year ago.
Forgot to mention, I live in Scotland, but getting married in Birmingham, where we had to apply the marriage license for the Church wedding. The value of the two properties are valued at £85k (2nd home) and £385k for the home I am currently living in with my fiance. The properties are both under my name.
Expert:  F E Smith replied 1 year ago.

There are 2 ways of dealing with this you might want to consider them both.

Neither are absolutely binding in the England & Wales but they can be in Scotland provided they are properly drafted but that’s not to say they cannot be challenged.

The first is a prenuptial agreement which you probably heard of which is an agreement which does what you want, entered into before the marriage.

Here is some reading on the subject. http://www.familylawmattersscotland.co.uk/prenuptial-agreements.html

However to have even the slightest chance of it doing what you want, any agreement needs to satisfy certain requirements and it’s essential that your fiance takes legal advice on the effect of it. Because of the potential of getting it wrong and the amount of money involved, you might want to get a solicitor to draft the agreement for you. It’s essential that your fiance is not under any pressure to sign it as a condition of getting married. It’s also more likely to be ineffective if it is signed a very short period before the marriage. If you haven’t already, you are also going to have to make full and frank disclosure of your finances and assets.

You can also do a postnuptial agreement which is an agreement entered into after the marriage

and here are some reading on both pre-and post agreements in Scotland.

http://www.brodies.com/sites/default/files/pages/pre%20and%20post-nuptials.pdf

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Best wishes.

FES.

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