Prenuptial Agreements

Consider what would happen if...

If you have never even thought about a prenuptial agreement consider what might happen if you were to end up having to share your partner’s debts, maybe lose your business or have to watch your children from a previous marriage lose out on their inheritance. We live in an uncertain world and taking control of your own future is nothing to be frightened about. After all, you don't want to leave it to the Divorce Courts to decide what happens to your life.

Pre-nuptial agreements allow people to ring-fence part of their wealth at the outset of a marriage. They are enforceable in a great number of countries but they were never legally binding in England and Wales. However, a landmark ruling by the Supreme Court means that if the parties enter into a "pre-nup" freely and are fully informed of all the relevant information and implications of the agreement, then the courts will uphold it upon separation.

In effect, they are now binding unless they are unfair. Think of it as an insurance policy. You hope that you will never have to use it, but if you don't have one you risk exposing your family to financial loss.

Pre-nups are not just for the rich. People entering second marriages, who want to protect their wealth for their children should the marriage fail, will find it much easier to do so.

"Pre-nups are like a form of fire insurance - it's much better to take them out before the fire"

The ruling has been hailed as a judgement for a modern society, especially for those with long standing family assets that they wish to protect for future generations, but there are some who believe it will significantly damage the financially weaker party in divorce.

If that party, normally the wife, is held to the terms of a pre-nup they may be deprived of a considerable chunk of the couple's wealth. McKinnells can help you to understand whether this is the right course of action or whether some other form of agreement is advisable prior to marriage.

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