36 Te Modern Family New Families & Health
Promotional Content • Saturday 2 September 2023
Prenuptial agreements – why have one? J
A prenuptial agreement is a legal agreement between a couple that’s signed before marriage Te purpose of the agreement is to
ust 10 years ago, the number of people entering into a prenuptial agreement in England and Wales was relatively
small, with many believing they were only suitable for celebrities or multi-mil- lionaires with a vast amount of valu- able assets that were worth protecting. Nowadays, however, an increasing number of people are opting for prenup- tial agreements. Tis may be for several reasons:
• Marrying later in life, having already acquired assets which may need protecting.
• Addressing wealth inequalities at the start of the marriage to ensure equi- table protection.
• Where there has been financial support from family members, such as payment of a deposit on a house, which may need shielding.
• Where someone is marrying for a second time and wishes to secure assets or avoid the complexities of divorce proceedings again.
• Safeguarding the interests of children from a previous relationship.
• Protecting a potential future inheritance.
• Securing a business.
detail all the debts and assets belonging to each party and can specify what happens upon the breakdown of a marriage. It’s similarly available if you’re entering a civil partnership in the form of a preregistration agreement. Couples may view a prenup as a lack
of trust; if the marriage is to last forever, why have such an agreement? However, the divorce rate in the UK sits at around 42%, meaning it’s something that should potentially be considered and under- scores the need for prudent planning akin to making a Will. Often, agree- ments reached when the parties are still in a good relationship are more likely to be fair, and the advantage of having a prenup is that it’s tailored to suit the needs of both parties; there’s no ‘one size fits all’ approach. Without a prenup in place, then
upon divorce, all assets, debts and belongings must be carefully sorted through to ascertain what are marital assets and debts. Without this guiding document, arguments may ensue as to what is or is not marital, which can become expensive, stressful and time consuming.
Prenuptial agreements, however, have
been questioned as to their reliability. While there’s no formal legislation in place, there’s solid case law that’s been relied upon to support the binding nature of the agreement. Also, the court will always have discretion to move away from the terms agreed if they’re unfair, or if the situation requires a different approach depending upon the merits and circumstances of the case. It’s important that several steps
are carried out before entering into a prenuptial agreement to ensure the likelihood of it being upheld by a judge in later divorce proceedings, hence why it’s important to seek legal advice. Once signed, a prenuptial agreement
should then be filed away with the hope that it’s never needed, while offering the reassurance of protection should it ever be required. If you’d like help with a prenuptial in touch with Everys
agreement, get
Solicitors, which has seven offices in the South West and one in London. Everys is proud to have been awarded the title of Law Firm of the Year 2023 in the £3m+ turnover category by the Devon & Somerset Law Society.
Donna Hart Partner, Head of Family E:
donna.hart@everys.co.uk T: 01392 477983
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