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Laura Guillon
Laura is a Senior Associate Solicitor at Manchester’s award-winning boutique family law firm, Hall Brown. She has a wealth of experience in dealing with issues prior to and during marriage through the implementation of pre and postnuptial agreements and cohabitation agreements. She also deals with numerous appeals and challenges to the Child Maintenance Service (CMS) and has significant experience working with high-profile individuals, priding herself on her discretion and professionalism, no matter who the client.
How can I protect myself and my assets before I decide to get married?
With a prenuptial agreement. This is an agreement made between you and your partner before you get married, which details how much money your partner will get if you were to eventually get divorced. Prenups have become increasingly popular in the UK given that it allows two adults to minimise future conflict, as well as costs, by making a proactive agreement at a time when they can still communicate openly and honestly with each other. They can therefore be a very useful tool to protect wealth and provide both parties with a degree of certainty for the future. They can also help avoid lengthy and distressing litigation when a relationship breaks down. You should seek legal advice from us at Hall Brown about a prenuptial agreement as soon as you think you may want to get married, because the timing is a critical factor in ensuring it offers the most amount of protection possible. What about if I am already married and want to ensure I am protected?
In this scenario, you will need a postnuptial agreement. This is the close relative of the prenup. The same principles apply here and the same benefits flow from them. The only real difference is that they are entered into after (as opposed to before) the marriage or civil partnership.
Suzy Bhaker
Head of the Private Client department at Pabla + Pabla Solicitors based in West Didsbury, talks about the importance of making a Lasting Power of Attorney.
I’m in my 40’s. I don’t need a Lasting Power of Attorney yet, do I?
Yes, you do! A common misconception is that a Lasting Power of Attorney (LPA) is something you should consider in your later years in life when you are over the age of 70.
However, an LPA should be made by an adult who has assets - especially homeowners, or if you have specific wishes about your health. Although dementia commonly effects people over the age of 65, it can affect people in their 30’s, 40’s and 50’s. Unfortunately, nobody knows what’s around the corner and if you lost mental capacity, an LPA would allow your attorneys to act on your behalf. Your attorney can be one person or multiple people, who you trust to deal with your finances and medical decisions should you become too unwell to make these decisions yourself.
What can I do if I don’t have an LPA in place and my mental health begins to deteriorate? Can I still make an LPA?
It depends. A mental capacity assessment would need to be undertaken to establish whether you had sufficient mental capacity to make a Lasting Power of Attorney. If you were found to lack the requisite level of mental capacity to make an LPA, a Court Order would need to be obtained from the Court of protection to allow a person to manage your affairs on your behalf. Therefore, it’s important to make an LPA without delay.