For those planning to share more than an intimate meal for two, the legal consequences of living together, or marriage, are widely misunderstood...
Over the past few years I have seen a significant increase in the number people seeking advice about Pre Nuptial agreements. Many of these enquiries have been from people, like myself, in the middle to later years of life. The national Press has dubbed these 'silver nups'. But why are so many people looking at Pre Nuptials?
Do you:
- Own your home?
- Run a business?
- Have children from a previous relationship and possibly grand children too?
Have you:
- Received an Inheritance from your parents, or relatives?
- Invested in rental properties, or made long term financial plans?
- Sold your Business, and looking to enjoy your hard earnt cash?
- Been Divorced before, and worked hard to rebuild your financial security?
Many people who ask for a prenuptial agreement do so because they are trying to protect their children's inheritance, or Business assets. However, it’s not always a one sided scenario. Often, both of the people involved have built up individual assets, through shear hard work, perhaps even following an earlier Divorce. They both want certainty and to know that their assets will not be dissipated.
It may be hard to contemplate starting a conversation with your partner about having a Pre Nuptial. Fears of arguments and embarrassment are entirely understandable. However, talking through the reasons why you feel it is important, often opens up a depth of conversation about feelings, wishes and about family. Difficult conversations like this are however the life blood of a strong relationship. They build trust and a deeper understanding.
So the remaining question is, are Pre Nuptials actually binding? Well, legal and social attitudes are changing. According to the latest in a long line of decisions from the Court of Appeal, Pre Nuptials are binding. In the latest case reported, H v H 2016, EWFC the Court upheld a Pre Nuptial which provided for each spouse to retain the assets they owned prior to marriage. The Court has an over riding obligation to make sure that “fairness” is achieved between spouses but, unless there are very significant changes in needs for example; illness, disability etc. a properly prepared Pre Nuptial is now worth a lot more than the paper its written on.
If it is important to you and you want to protect your children's inheritance, or your business assets, then take advice before you tie the knot.
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| Peter Berry Family and Collaborative Lawyer |
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