Think pre-nups are only for the rich & famous?
If you think that pre-nuptial agreements are only for the rich and famous, think again! Mark Carlton, senior partner and family law expert, takes a look at how a pre-nup can be an extremely important part of pre-wedding plans.
If you think prenups are just for the rich and famous, think again!
Prenuptial agreements may not conjure up the most romantic connotations but they can be an extremely important part of the pre-wedding plans and are becoming more common place amongst couples who are planning to wed.
Famous people who should have had a prenuptial agreement and didn't have been a lesson to us all. Reportedly, Paul McCartney and Heather Mills did not to have a prenup. Their high profile and acrimonious divorce saw Mrs McCartney-Mills dramatically sack her solicitor and represent herself in proceedings in the High Court.
The 'conscious uncoupling' of other famous couples has been handled in a more discreet and private manner. This was helped by the terms of a carefully drawn up prenuptial agreement entered into by the parties when they were able to think clearly and sensibly about what would be fair, should they ever separate.
Individuals who are re-marrying and who may have experienced an acrimonious divorce, often explore the option of a well-drafted prenuptial agreement, in order to avoid any similar situations arising. For a prenuptial agreement to be binding upon the parties, legal advice should be sought beforehand. The agreement needs to be entered into freely, and with all assets and income in existence being openly declared. A prenuptial agreement should be drawn up and signed at least 28 days prior to the wedding date but we would recommend ideally 2-3 months beforehand.
Ultimately, the court will have the discretion to decide whether a prenuptial agreement should be held as binding upon the parties. A well-drafted agreement can, and often will, be upheld by the court and is a significant factor for the court to take into account when considering the financial aspects of any divorce.
It’s not just the rich and famous who have assets to protect and children to provide for. Making a prenuptial agreement part of your pre-marriage planning will help make your future as certain and secure as possible.
If you would like advice on drafting a prenuptial agreement, don't hesitate to contact me or any of our family lawyers.