For Richer For Poorer? The Truth about Pre-nuptial Agreements
06 February 2008
The 29th February 2008 is a leap year and is the day women all over the world can take advantage of and say the words, “Will you marry me?” to their other halves. At this romantic proposal there are some men who will be jumping for joy, others who will swiftly be making other arrangements for that day. Then there will be some men (and indeed women) who want to make that commitment of marriage but are terrified at the thought of all the financial implications should it not work out. This is where the law can step in even before the vows have been taken.
Prenuptial Agreements are now not only for the super rich and famous but are being readily adopted in many modern day marriages. In particular they are essential not only for those with substantial assets but also for those entering into a second marriage and those wanting to protect their children from a previous marriage. Once seen as just an American idea, it seems that actually nothing says ‘I love you’ more than personally organising the division of all your worldly goods prior to the sound of wedding bells.
Although not yet legally binding, the Courts are beginning to take more notice to prenups. In order to consider upholding the agreement the following factors must be taken into account:
- Full financial disclosure. The couple must each provide all information including all income, real and personal property, pension and trust interests
- Independent legal advice. The couple should each take independent legal advice on the agreement itself and also on what their rights would have been were there no agreement.
- Lack of coercion. The couple must each be willing participants with no ultimatums given to the other.
- Support for children. Existing or future children must receive fair consideration and support.
- Timing. A prenup entered into on the eve of a wedding may well prove to be of little effect.
- Fair. A prenup that does not provide realistic support for a partner after a lengthy marriage is most unlikely to be upheld.
Prenups can cover all eventualities from the normal clauses relating to the safeguarding of assets such as inheritance to the more detailed clauses relating to conduct within the forthcoming marriage. The agreement is prepared at a time when there is no bitterness to mar the fair approach needed if the marriage were to come to an end.
A recent study by Smile.co.uk found that 46% of Brits would like to see prenuptial agreements made legal in the UK. This suggests that society is now coming round to thinking that yes husband and wife should love each other for richer for poorer but no there is no harm in making provisions prior to the marriage. This allows an element of certainty and allows the couple themselves and not the court to decide what is a fair outcome.
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