Re: Summer 2013 | Page 45

I do ...

as long as you sign the pre-nup

With wedding season in full flow an eminently practical custom is gaining ground
Hidden amongst choosing all the beautiful and personal things that go into planning a wedding , a less romantic preparation for marriage is creeping into custom . Our family law department has seen a slow but steady rise in requests for pre-nuptial agreements over the last five years . Both from couples about to tie the knot and parents who want to protect their child ’ s financial future .
Of course celebrities have been using pre-nups for decades , especially the other side of the Atlantic . Basketball legend Michael Jordan was recently reported to have protected his $ 650million fortune with a pre nup . While , two years after marrying Jay-Z , Beyonce told German magazine Neon : “ I do not deny that there is a marriage contract . I would encourage any woman getting married to put on such a treaty .”
Yet they ’ re not just for the rich and famous . With one in three marriages ending in divorce there are an awful lot of people who wish they ’ d got a pre-nup .
Despite quietly growing in popularity , pre-nups remain a tough subject for couples to discuss
Nobody goes into marriage expecting to divorce , so ask most couples and they ’ ll laugh and say they don ’ t need any legal protection . As a family solicitor I ’ ve learned people in any of the following circumstances are most likely to benefit from a pre-nup :
• Those getting married in later life who have already built up assets which they wish to protect .
• People with children from a previous relationship who want to protect their inheritance .
• Anyone getting married for a second time who wishes to keep their assets independent .
• Individuals expecting an inheritance and wishing to keep it in the family .
• Those with significant assets such as properties , investments , antiques etc .
• If one partner , or both , owns a business .
• Couples with a significant age difference .
• Anyone who simply wants to ensure their future financial security .
Despite quietly growing in popularity , pre-nups remain a tough subject for couples to discuss . It may sound unromantic , but having an honest financial discussion before getting married can be a reassuring experience . Much as it ’ s sensible to talk about whether each of you want children before getting married , there ’ s much to be said for dealing with difficult financial issues from the start and understanding each other ’ s perspectives so you can enter the marriage with knowledge , understanding and a strong foundation .
One of the reasons pre-nups have become more popular is that in England they have increased in legal status . A pre-nup that is freely entered into by each party with a full appreciation of its implications , is now usually upheld by the court . However exceptions are made if the circumstances mean it would not be fair to hold the parties to their agreement , so it ’ s very important to make sure the pre-nup is legally considered fair from the start .
To make sure a pre-nup holds up in court it should be :
• Entered into by both parties of their own free will .
• Intended by the couple to be legally binding .
• Written after full and frank financial disclosure of the financial position to ensure both individuals are making an informed decision .
• Completed at least three weeks before the wedding to prevent undue pressure to rush into an agreement .
• Entered into only after both parties have taken independent legal advice .
• Made with provision for regular reviews .
• Written to provide for the needs of both individuals .
• Framed so as not to prejudice the reasonable needs of any children .
It is not possible for the courts to rule that pre-nups should always be legally binding , unless Parliament changes the law . The Law Commission is currently examining this question and a final report is due later this year .
In the meantime a guide to the legal implications of marriage is available on the pre-nup section of www . mayowynnebaxter . co . uk .
By Gemma Hope
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