Q: I trust my fiancé implicitly, but my family are more sceptical and think I should set up a pre-nuptial agreement before we get married in October, to protect the sizeable inheritance I got from my grandparents. It is worth mentioning that my girlfriend comes from a less privileged background than I do and earns only a fraction of what I earn as a director of my family’s business. What is your view on prenups?
A: Prenuptial agreements have unquestionably grown in popularity over the past few years, not just among the higher echelons of society but with couples from a wide spectrum of financial backgrounds. And whilst they are not automatically legally binding in this country, they undoubtedly carry significant weight in a court of law if they have been properly drafted.
There is of course a line of thought that says drawing up such an agreement prior to marriage is unromantic and is therefore dooming the marriage to failure. However, when you consider the extent of entitlement each spouse has to the other’s assets it makes sound sense, particularly if there is an imbalance of assets brought into the marriage.
In the event of divorce, as well as protecting assets acquired before marriage, a prenuptial agreement can protect an expected inheritance by ensuring such assets remain separate from marital assets. A pre-nuptial agreement could even shield against debt incurred by the other party.
Provided it is well-drafted, prenuptial agreements can significantly reduce legal battles, costs, and the emotional toll of a divorce. Unlike the financial settlement rules generally applied by a court in a divorce, couples can decide their own prenuptial terms (provided both parties agree to them). The key, however, is to ensure the drafting of the agreement is as comprehensive and future proof as possible, as minor oversights or omissions could jeopardise its enforceability. Using a solicitor will ensure that every ‘i’ is dotted and every ‘t’ is crossed, and your interests are safeguarded.
This question has been answered by Nathan Wright, a Partner with GHP Legal.
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