10
Apr
Planning your wedding? Here’s why a pre-nup might be a good idea
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If you think pre-nuptial agreements are just for the rich and famous, it could be time to reconsider.
Pre-nup specialists Consilia Legal have seen an increase in enquiries over the past year – and not just from the ultra-wealthy.
That’s because, said Consilia’s head of family law Laura Clapton, pre-nups can offer financial peace of mind in a range of circumstances:
A recent YouGov survey found that 55% of Britons now support pre-nuptial agreements, up from 42% just a few years ago.
Laura said the rise reflects a more open-minded and pragmatic approach to relationships as society moves away from traditional concepts of marriage. She added:
Mentioning a pre-nup to your partner can be misconstrued as a lack of commitment or doubt in the marriage.
But rather than view it as planning for failure, couples should see it as building trust, openness and mutual understanding about their financial expectations and protections for the future.
What is a pre-nup?
A pre-nuptial agreement is a legal document signed by a couple before they get married or enter into a civil partnership.
Drawn up according to their wishes, it lays out how they wish to protect and manage their assets, debts and financial responsibilities should their relationship come to an end.
Although, by law, the courts have the final say on division of assets during divorce, pre-nups are increasingly being taken into consideration as part of the process. And they could become more significant in future, if changes recommended by the Law Commission to make pre-nups legally binding come to fruition.
Why consider a pre-nup?
During the stress of separation, a pre-nup provides clarity and certainty about your financial position. It saves the expense and added worry of a lengthy court battle.
Children are another reason to consider a pre-nuptial agreement, said Laura:
If a couple is planning to have children, a pre-nup can cover any career breaks and compensate for loss of earnings and prospects.
And if one or both parties already have children, a pre-nup can help protect them financially by ring-fencing certain assets for them, including any intended inheritance.
And there are other benefits, too, from protecting any business interests to ensuring assets and debts belonging to one party remain that way.
Laura Clapton.
Are there any disadvantages to a pre-nup?
Perhaps the hardest thing about a pre-nup is broaching the subject with your partner in the first place – particularly during the whirlwind of wedding preparations. Not only could it cause upset among family members, but the legal fees for drawing it up will add to the cost of the wedding.
Once in place, a pre-nup may need to be reviewed at regular intervals to ensure it remains relevant, particularly after children are born or circumstances change.
Pre-nups: Things to consider
A pre-nup has to be drawn up fairly, openly sharing financial information and with the benefit of independent legal advice for both parties. Each person must enter into the agreement without pressure and with a full understanding of its implications.
If a pre-nup is not drafted correctly, the court may disregard it. So, it’s a good idea to ask a family law expert to advise you and help explore your options.
Consilia Legal’s pre-nup specialists and mediators can help couples negotiate the terms of their agreement and ensure it is drawn up properly.
Find out more
Consilia Legal offers a free initial pre-nup consultation and fixed-fee services. The company is based at 12 Station Parade, Harrogate, by appointment only. Please contact Laura Clapton on 01423 222 220 or email laura@consilialegal.co.uk for more information.
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