LAW FIRM: MORE PARENTS MOVE TO PROTECT FAMILY ASSETS FROM BREAKDOWN OF THEIR CHILDREN’S RELATIONSHIPS.

GEORGE DAVIES SOLICITORS LLP

FAMILY LAW

PRESS RELEASE

March 1, 2012.

MANCHESTER LAW FIRM: MORE PARENTS MOVE TO PROTECT FAMILY ASSETS FROM BREAKDOWN OF THEIR CHILDREN’S RELATIONSHIPS.

The number of pre- and post-nuptial agreements and cohabitation agreements has soared in the past year as well-heeled parents move to protect family wealth from outsiders.

Robin Charrot, a partner in the family law team at Manchester-based George Davies Solicitors LLP, says that a combination of families having to give more financial assistance to their children, the increasing divorce rate, and the sky high rate of failure for unmarried couples is making parents ever-more protective of family assets.

“In the case of divorce involving a son or daughter, sometimes even more than half of all assets can be claimed, and family money is not exempt. On top of that, there may well be claims for maintenance for life, and more and more parents are seeing this,” said Robin Charrot.

“The damage is not as catastrophic with the ending of a cohabiting relationship. However, ex-cohabitees could still have claims for up to half of most types of property, and, if there are children involved, the claims could be far more extensive than just child maintenance.

“If the split is amicable, then things can be settled relatively quickly and easily. However, this still means months of uncertainty and thousands of pounds in legal charges. However, if it gets combative and goes to court then there is the potential for a huge legal bill because these disputes can go on for years.

“Pre- or post-nuptial agreements and ‘cohabitation agreements’ are the solution. They were once considered to be toothless, but that has all changed now: If they are done properly, the courts are almost certain to accept them. In many cases they can completely exclude family wealth from claims, and in the cases where this is impossible, they can at least severely restrict claims.

“They provide certainty, help manage expectations, and ensure that parents who want to help their children but keep the wealth in the family are protected.

“Depending upon the detail of the agreement, the costs are almost always in the low four-figures, whereas taking a dispute to court can easily amass a six figure legal bill, and cost the family dear in terms of their assets that are lost forever.”

Ends

For further information:

Iain Macauley

im@pressrelations.co.uk

07788 978800

Lindsey Farrelly

LindseyFarrelly@georgedavies.co.uk

0161 234 8802

07717 177609

Notes to editor:

About George Davies Solicitors LLP: George Davies Solicitors LLP is a 19 partner law firm based in the heart of Manchester city centre. Established over 70 years ago it provides an extensive range of legal services to a national client base. Recent awards and accreditations include; ratings in independent legal directories - Legal 500 and Chambers and Partners UK; Winner of the Medium Law Firm of the Year 2011 in the Manchester Legal Awards; Winner of the Managing Partner of the Year award at the 2011 LawNet Awards; Winner of the Innovation in Dealmaking award and shortlisted for Corporate Law Firm of the Year at the 2011 Insider Dealmakers Awards; Winner of the North West Employment Team of the Year in the Corporate INTL Magazine Awards 2010; adviser on the Deal of the Year sub £5million at the 2010 Insider Dealmakers Awards and is one of only five legal firms in the country to hold the Investors in People Silver standard.