Husband and Wife agreeing to be completely financially independent of one another?

Human_Person

Hi,

I'm wondering if there is a such thing as a "post-nump" I suppose. Essentially an agreement between a husband and wife that regardless of marriage, their financial affairs are kept completely seperate and their own business and in the event of separation, he would go his way with his and she would go her way with hers.

Does such an agreement exist? And if so, what is the process involved in setting one up and does it completel seperate the two as financial independents with any claim to the others financial affairs? The marriage etc. would remain, this would purely be a financial agreement.

Any information would be greatly appreciated.

Peregrinus

You can do this, certainly. But in the event of a separation/divorce, it doesn't bind the court. The court will have the same powers that it always has to order maintenance, property adjustment, etc. The fact that the couple have made this agreement is something the court will take into account in deciding how to exercise its powers, but it doesn't deprive the court of its powers.

Plus, of course, if the couple have any children - whether born before or after the agreement was made - the agreement won't displace the powers of courts to make proper provision for the children by way of maintenance orders, etc. Again, the court will bear in mind that the couple have made the agreement, but it won't be a hugely relevant factor. On its face, the agreement doesn't purport to say anything about the financial responsiblities of the parents to their children and, even if it did, the court will decide those matters by reference to the best interests of the children.

As to how you would go about making such an agreement, that really depends on what you think the role of the agreement is. As long as the couple remain married and remain a functioning couple, they can conduct their financial affairs however they like, and no court will get involved. So the only people who have to be satisfied with the agreement is the couple themselves. If they are happy with a verbal agreement concluded one morning between putting away the shopping and cooking the lunch, that's fine. All that matters is that they have an agreed understanding about how they handle money matters in their marriage.

But if the real purpose of the agreement is to decide how matters will be handled in the event of the breakdown of their relationship, then it needs to be in writing, it needs to be comprehensive, it needs to be well-thought out, it needs to be well-understood by both parties, and all this needs to be capable of being proven if it is disputed. (And it only comes before a court, remember, if when the time comes the couple don't agree on the terms of their separation, so it needs to stand up in circumstances where it is being disputed. Go to a lawyer. Go to two lawyers, in fact, since on this issue the parties have potentially opposing interests, and they each need their own independent advice. And if the couple's financial affairs involve things like the ownership by one of them of a business, there may need to be accounting, financial, etc advice as well as legal advice.

Mrs OBumble

Peregrinus wrote: »

As long as the couple remain married and remain a functioning couple, they can conduct their financial affairs however they like,

Ahh, both Revenue and Welfare / Social Protection would disagree with that.

Revenue have a mechanism to do what you are saying OP, I think it's called electing separate assessment (something like that - google revenue ireland marriage).

Welfare don't. If you are living in the same house as a couple, then you are hitched to each other, irrespective of marriage certificates. If one business goes bust but the other doesn't, then the owner of the successful business is expected to support their partner.