Preserving Your Wealth With Woolley & Co

July 16, 2009 - PRLog -- Economic reports for the last twelve months have been grim with the UK and indeed the world, in the grip of the worst recession on record.   Now the family law specialists at Woolley & Co, are encouraging the public to make savings, cut back on their costs and preserve the wealth they have.

Despite some reports offering a chink of light at the end of what seems like a very long tunnel, the fact of the matter is that our economic recovery will take years and self-preservation is in the forefront of everyone’s minds.

Woolley & Co are not only there to assist you in times of crisis or when you are heading off to the divorce courts, they can assist a broad spectrum of people ranging from those separating and divorcing to those just starting out together.

What they are able to achieve for you personally depends on your circumstances so aside from those  who are separating, about to enter into marriage, about to enter into a mortgage with someone or about to live with someone, Woolley & Co can help preserve your wealth!

With the number of unmarried couples reaching an all time high, comes an increasing number of disputes in Court when those couples separate. There are no precedents or law that governs how these matters should be dealt with and although there are some landmark cases that offer some guidance, cohabitation remains a relatively grey area.

A cohabitation agreement (also known as a living together agreement) captures the terms of agreement the parties wish to be bound by when embarking on their life together. It can detail the assets each party is bringing to the relationship and what they can expect or intend to leave with. It can also detail what you intend to happen if you subsequently have children.

Ultimately, if you and your cohabitee were to separate and then start arguing over who get’s what the cohabitation agreement could be used by the Courts as guidance to show your intentions at the time of entering into the relationship.  The Court does have discretion in deciding whether to enforce it or not. But essentially if the document has been properly drafted and each party was frank about their position at the time of the agreement being drafted, you stand a better chance of having it enforced meaning less costs incurred and the possibility of avoiding proceedings altogether.

For those of you who are about to make the big step into married life, Woolley & Co can help you to arrange a prenuptial agreement. We’ve all heard of them but most of us don’t have one and probably don’t even know anyone who has. They’re generally far more popular in the USA where they’ve been around longer and are watertight, but they are on the increase in the UK too.

They are similar in format to cohabitation agreements. People have shied away from them in the past as it was thought they weren’t legally binding. The fact is, a Court of Appeal ruling in July 2009 means prenuptial agreements are more likely to be seen as binding. A Judge will give consideration to the terms of the prenuptial agreement and the intentions of the parties at the time it was drafted.

Similarly, post nuptial agreements are also growing in popularity. These are very similar in format to prenuptial agreements but are entered into after marriage rather than before. They deal with the difficult issue of the division of assets and money were the marriage to come to an end. A relatively new concept, they are now considered to be fully binding in the UK after five law lords clarified their position in English law shortly before Christmas 2008. As with prenuptial agreements, both parties must be upfront and honest about their financial position at the time the document is prepared and the agreement itself must be properly drafted. Assuming that to be the case, these agreements will be binding even if they reflect something different to what a Court may have ordered. If you go down the matrimonial route and it doesn’t work out you will probably end up separated or divorced.

To protect your wealth you need qualified legal advice on the options of divorce or legal separation and the pro’s and con’s of sorting things out quickly or waiting.  Many factors have to be taken into account. For example, you could be receiving spousal benefits from your spouse’s pension while you’re still married. This would come to an end on divorce. Alternatively it could be that you want to try and end or limit your spousal maintenance liability upon divorce.

It’s important for you to be aware of the financial implications of divorcing or separating and at Woolley & Co we have highly experienced lawyers who can guide you through the process.  Book a free initial half hour appointment with a Woolley & Co family lawyer here.

About Woolley & Co. Solicitors: Woolley & Co. Solicitors are family law specialists, operating throughout the UK. Their web site, http://www.family-lawfirm.co.uk, includes an extensive selection of articles covering every aspect of divorce as well as a free, downloadable in-depth guide to undergoing a divorce and overcoming any unseen complications that may arise. Find out more about getting a divorce with a fixed fee divorce lawyer at http://www.family-lawfirm.co.uk.

Editor’s Note: Woolley & Co. Solicitors is represented by search engine optimisation agency, Top Position. Please direct all press queries to Tina Clough. Email: tina@topposition.co.uk or call: 0800 094 9001, Option 7.