By Melissa Gire, Cooper Burnett Solicitors
The demand for prenuptial agreements is on the rise, with research by the Marriage Foundation finding that one in five weddings now begin with a prenup. This shift in attitudes is reflected in the findings of a 2023 YouGov survey, which found that 42% of British people viewed prenuptial agreements as a ‘good idea’. This is perhaps unsurprising given that, as of 2021, around 42% of marriages were ending in divorce.
Prenuptial agreements are primarily used to safeguard the assets, including businesses, each brings into the marriage, and inheritances and gifts received during the marriage. Whilst prenups are not strictly legally binding under English law, if they are professionally drafted with both parties freely entering into it without any pressure, with the benefit of independent legal advice and honest disclosure of your financial circumstances, then there is a very good chance that they will be upheld in court.
So why should couples consider entering into a prenuptial agreement before their wedding?
Protecting a business – If you have built a business before getting married, you may want to protect what you have worked hard to create. A prenup can set out how the business and its value should be treated if the marriage ends, helping reduce uncertainty and avoid the business becoming caught up in financial proceedings.
A second marriage or blended family – If you have children from a previous relationship, you may want to ensure that assets built up before your new marriage can ultimately pass to them. A prenup can set out your intentions and work alongside your wider estate planning.
Protecting assets you already own – You may have pre-acquired savings, investments, property or other assets. A prenup can establish which assets you brought into the marriage and how they should be treated in the event of divorce.
Family wealth and trust funds – If you are a beneficiary of a family trust, or expect to receive an inheritance, you may want to consider how that wealth should be treated during your marriage. A prenup can provide a framework for protecting family wealth and making your intentions clear.
It is important to remember that for a prenup to be upheld in court, it should be fair to both parties and it should not leave one person walking away with all the assets, while the other is left without adequate financial provision.
If you are considering a prenuptial agreement or want to discuss your options, please do not hesitate to contact our Family & Matrimonial team –
Melissa Gire on email:
meg@cooperburnett.com
or Gemma Gillespie on email:
gjg@cooperburnett.com
or tel: 01892 515022.
This blog is not intended as legal advice that can be
