Last Updated on 20.9.16 by Nicola Fraser
As a Family Law Solicitor, there has been a notable increase in the number of people contacting us for advice in relation to whether or not they would benefit from a pre-nuptial agreement before they marry.
A pre-nup, or pre-marital agreement, is an agreement entered into by a couple before marriage. The agreement sets out their intentions as to the division of their assets and belongings in the event that the marriage breaks down. Following a well reported divorce case in 2010, it was established that although pre-nups are not specifically enforceable in English law, in the event of a divorce, the court should give effect to a pre-nup agreement that is freely entered into by the couple in full appreciation of its implications, unless the agreement is unfair.
Since this 2010 case, we have seen an increase in the number of divorces involving wealthy or celebrity couples being reported in the press, and many people out there may be shocked by the amount of legal costs they have incurred. Coinciding with this, there have been more reports of celebrity and other high profile individuals entering into pre-nups. Katie Price for example has reportedly entered into a pre-nup prior to her marriage to part-time stripper and builder Keiran Hayler.
It is not a surprise that 3 out of 5 of those polled would be offended if asked to enter into a pre-nup, many still view such an agreement to be an unromantic way to start married life however, pre-nups are in fact a very practical way to resolving any financial dispute in the event of a divorce.
Pre-nups are not just for the rich and famous, they can also benefit individuals who each have similar levels of assets by reducing the risk of them getting involved in what may end up a costly, stressful and messy divorce. They can give a couple some security about the future were the worst to happen and reduce the element of chance.
For more information on this article or advice on putting in place a Pre-nup or Pre-Marital agreement, contact Kerry Russell in our Family and Matrimonial Team on 0161 930 5117
Partner & Head of Family, Family Law