Latest research shows that in the UK one in five couples now sign a pre-nuptial agreement before marriage – up from 1 in 50 four decades ago.
The figures, compiled by Savanta ComRes on behalf of the Marriage Foundation, found that putting a pre-nup in place neither increases nor reduces the risk of divorce. The report also revealed that pre nups are particularly popular amongst couples getting married later in life.
So why are pre-nups becoming increasingly popular and why should couples consider drawing up a pre-nup prior to tying the knot?
Here, Stuart Daniel, a Senior Associate and family law expert with Mander Hadley, explains why pre-nups are no longer the preserve of the super-rich:
Given that data shows that sadly almost half (42 per cent) of marriages in the UK end in divorce, it is important for couples to prepare for all eventualities.
Many couples preparing for marriage may have accrued significant assets in their own names prior to the relationship or marriage, such as property, business interests, pensions, savings etc. The best way to ensure that each party’s assets are protected in the event of an unfortunate breakdown in the marriage, is to ensure that a pre-nuptial agreement is prepared.
A pre-nuptial agreement or ‘prenup’ as it is often referred to, is a formal document which enables couples to set out exactly, in writing, what will happen to their individual assets in the event of a divorce.
In England and Wales, the starting position in any divorce is to divide the assets equally between the divorcing couple.
However, the reality of many modern relationships is that one partner will often have made a greater financial or asset-based contribution to a relationship than another.
Persuading the Court to depart from the presumption of equality can be both difficult and costly, so it is imperative that a party seeking to ring-fence their assets puts early protective measures in place.
Pre-nuptial agreements are essential to lay out “who owns what” from day one, ensuring that each partner knows where they stand from the outset and that the likelihood of uncertainties or arguments arising later on is minimised.
Whether you are getting married for the first time or remarrying in later life, it is important to seek tailored advice from a specialist lawyer to ensure that your assets are protected, and your pre-nuptial agreement is water tight.
To find out more about pre-nuptial agreements, please see our free guide or get in touch with our specialist Family Law team today; we act for individuals with issues in all aspects of family life, whether you are married, in civil partnership, or cohabit.
Mander Hadley Solicitors is not only a long established firm, but is vibrant and successful, with a forward thinking approach.
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