Probate: heritage assets - could your artwork or antiques pay the inheritance tax bill?
This is an example of the work we do for our clients. Rob and Claire are based on an amalgamation of some of our clients.
Rob and Claire got engaged a year ago and were due to marry in three months' time when Rob approached us as the couple had agreed that it would be sensible to have a prenuptial agreement to regulate their financial affairs should the marriage break down.
Rob was from New York and Claire was French but they both lived in London and intended to stay here for the foreseeable future. They therefore wanted any agreement to be enforceable in New York, France and England.
Rob owned a flat in New York which he purchased prior to meeting Claire. His family was very wealthy and owned a property development business. Claire did not have any assets in her own name but expected to receive significant inheritance in due course from her grandmother and her parents. They owned a property in London jointly.
We therefore discussed with Rob what he would like to safeguard, as prenuptial agreements are always tailored to the client. Rob decided that he would like all assets acquired during the marriage, except by gift or inheritance, to be shared equally on divorce, but that all pre-acquired assets and inherited assets should be ring-fenced. We prepared a draft English agreement and instructed a French avocat and New York attorney to prepare mirror agreements which would be binding in those jurisdictions. After 3 weeks of intensive negotiations with Claire's London and foreign lawyers, the terms of the prenuptial agreement were agreed by all parties and the agreement was signed by Rob and Claire six weeks prior to the wedding.
For more information, please contact Charlotte Bradley on +44 (0)20 7814 1279 or email email@example.com.
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