Pre-Nuptial Agreements Gaining Popularity
20 Aug 2018
Author: Aman Dhillon
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Following our previous blog post – What are Pre-nuptial and Post-nuptial Agreements? we wanted to provide further insight into why they are becoming more popular.
IS A PRE-NUPTIAL AGREEMENT NECESSARY?
Pre-nuptial agreements, sometimes referred to as ‘pre-nups’ are becoming increasingly popular in the UK and are sometimes referred to as insurance in the event of a divorce.
If either partner has existing assets, money or belongings that they would like to protect in the event of a divorce a pre-nuptial agreement could help them to do this. Pre-nuptial agreements are designed to safeguard your future and our team of specialist solicitors at Hepburn Delaney can help you establish whether a pre-nuptial agreement could be useful for you and your partner.
WHY ARE PRE-NUPTIAL AGREEMENTS BECOMING MORE COMMON?
The increase in Pre-nuptial agreements is partly because of recent court cases making them more reliable in the event of divorce. Whilst not strictly legally binding, Pre-nuptial agreements can and often are upheld by the Court providing the Pre-nuptial agreement is correctly drawn up, independent legal advice has been obtained and certain safeguards are put in place.
Existing ownership of assets
Pre- nuptial agreements are also becoming more commonplace because couples are waiting longer to become married. This may mean that they have homes, assets, businesses and savings which they bring to the marriage that they would like to protect in the event of a divorce.
Increase in divorce rates in the UK
People are now also much more pragmatic and like to be prepared for every eventuality. A pre or post -nuptial agreement can give a clear agreement setting out the intentions of both parties. Unfortunately, more marriages are ending in divorce. You probably don’t want to think about a marriage not working out before you have had the wedding. However, a pre-nuptial agreement can offer an extra layer of security that can make things more straightforward should that scenario occur.
It is particularly common for those who are getting married for the second or third time to have an agreement in place. They can be particularly important to fully protect any children of previous relationships.
If a couple already have children from previous relationships, they may wish to have a pre-nuptial agreement in place to ensure that the children receive the benefit from those assets in the event of a divorce.
If there is an international aspect to a marriage a pre-nuptial agreement could be useful if there is a possibility of financial decisions being made about a divorce in another country.
How can Hepburn Delaney help?
For advice about having a pre or post- nuptial agreement please contact our specialist family law department on 01442 218 090 or find more information here; https://www.hepburndelaney.co.uk/our-services/familylaw/pre-nuptial-agreements/