Overview
Gorkem’s client, a 43-year-old professional working as a Venture Capitalist, approached him seeking assistance with drafting a pre-nuptial agreement prior to his marriage to his fiancée, an art curator. The client had substantial financial interests, including multiple investments and a property that he owned in his sole name. Additionally, both the client and his fiancée shared a passion for art, which had resulted in them accumulating a small but valuable art collection. The client was seeking a legal framework to protect his pre-marital assets, as well as a clearly defined agreement to specify how the art collection would be divided in the event of a divorce.
Background
The client had built a successful career in Venture Capital, which had led to substantial savings and investments, including ownership of a high-end property. This property, a luxury apartment in Kensington, was solely owned by Gorkem’s client and represented a significant portion of his personal wealth. The client’s fiancée, with a keen eye for collecting sought after artwork, also owned several valuable pieces. Together, they had cultivated a prominent art collection, which they both wished to protect.
The client had concerns about protecting his separate assets, especially his property, and ensuring that the shared art collection remained clearly defined and safeguarded in the event of a divorce. Given that both parties had professional expertise and interests in art, they were particularly focused on ensuring that the ownership of the art collection was handled in a way that respected both their respective contributions and prevented future disputes from arising.
Gorkem advised the client about the law relating to pre-nuptial agreements and assisted the client in drafting an agreement that was tailored to his specific needs and fair to both parties. He discussed several key fundamentals with his client, including:
- Separate Property Clauses: The agreement clearly outlined that the property held in the sole name of the client would remain separate property and not be subject to division in the event of divorce.
- Art Collection Ownership: The agreement included detailed provisions about the ownership of the art collection, stipulating which pieces would belong to each party in the event of a divorce. This ensured that each party’s contribution to the collection was recognised and protected. The agreement also contained provision for how any further pieces of art acquired post-marriage would be divided if the parties were to divorce.
- Financial Asset Protection: The agreement further addressed the protection of other financial assets, including investments and savings, ensuring that each party’s pre-marital assets would remain separate.
- Debt Liabilities: Gorkem also included provisions regarding the division of any debts incurred during the marriage, ensuring that both parties were clear on their responsibilities.
Conclusion
After several months of negotiation, both the client and his fiancée agreed the terms of the pre-nuptial agreement. The final document was duly signed and legally executed. The client expressed his satisfaction with the agreement, and felt he had the peace of mind to move forward and focus on his upcoming marriage to his fiancée without being distracted or anxious about his financial position.
This case highlights the importance of pre-nuptial agreements for people who have acquired assets prior to marriage. Pre-nuptial agreements are also important for those who have been married before and who wish to ring fence assets to provide for children from their first marriage. This allows the betrothed to enter into a second marriage with an element of security and a clear understanding of each other’s respective financial positions.
If you require advice regarding a pre-nuptial agreement or post-nuptial agreement, please get in touch with a member of our family team.
