Some might see the thought of a pre-nuptial agreement is pessimistic or unromantic but it’s practical to talk about finance and money issues ahead of getting married.
When couples earn vastly different salaries or have accumulated contrasting assets, it is wise to consider a pre-nuptial to protect yourself should the worst happen and you split.
In-demand star and presenter Stacey Soloman, who will marry long term partner actor Joe Swash this year, has admitted she is considering a pre-nuptial ahead of tying the knot, as it has been reported in the media that Swash has been bankrupt on two occasions, whilst she has been savvy with her money and investments.
Joseph Creasor in the family team at Wake Smith Solicitors, looks at why a pre-nuptial agreement makes financial sense.
Becoming engaged and the build-up to marriage will undoubtedly be some of the happiest days of your life, however, the unfortunate reality is that one third of all marriages, in the UK now end in divorce.
A pre-nuptial agreement, when correctly drafted, can bring clarity to a relationship.
This transparency and the ability to ring-fence certain assets and debts may also look to save both parties money in future proceedings, as most of the negotiating needed to divide assets will have already taken place, on a much more amicable platform.
Although there are obvious benefits to a pre-nuptial, when entering into such an agreement you must always be mindful of the fact that in England and Wales pre nuptial agreements are not binding on the Courts, however the courts have established that if it is equitable to do so they should always follow a pre-nuptial agreement.
In Radmacher v Granatino [2010] UKSC 42 the Supreme Court up-held that:
“the court should give effect to a nuptial agreement that is freely entered into by each party with a full appreciation of its implications unless in the circumstances prevailing it would not be fair to hold the parties to their agreement.”
Wake Smith’s Family Law team provides a wide range of services including pre-nuptial agreements and ensures any agreement is entered into with a full appreciation of its implications.
For further information on pre-nuptial agreements, please contact us at [email protected] or on 0114 266 6660.
