In the past, pre-nuptial agreements would once have been seen as the sole preserve of the mega-rich, from movie stars to owners of multinational corporations.
But they’re slowly becoming increasingly popular among couples from all financial backgrounds who want to protect their wealth in the event their marriage goes wrong.
Nevertheless, opinion on taking out a pre-nup remains hugely split across the UK.
According to YouGov data, 42 per cent of people in the UK believe having a pre-nup in place is a good idea.
However, just 22 per cent of those polled said they’d prefer to have a pre-nup if they were getting married for the first time today.
Interestingly, women were found to be more likely to favour pre-nups, with 47 per cent saying they’re a good idea, compared with 38 per cent of men.
So what’s the case for getting a pre-nup?
Safeguard your wealth
If you entered the marriage with significant personal wealth, a pre-nup allows you to protect it in the event of a marital breakdown.
With this legally binding document in place, both you and your spouse can clearly define and safeguard your assets, and ensure there’s no room for dispute over money if you ever part company.
Another benefit of drawing up a pre-nup is that it encourages open and honest communication about financial matters, and that can stand you in good stead for the future.
It’s easy for couples to treat money almost as a taboo subject. But by sitting down and creating this document, you’ll feel far more confident talking with each other about your finances.
What to think about before signing a pre-nup
The first step is to seek professional advice.
A financial planner can help you take a holistic look at your finances and determine what you want to protect if your marriage breaks down. They can also help you ensure full disclosure, as failing to be honest about your assets could render your pre-nup invalid.
It’s also important to make sure that when you’re creating a pre-nup, you and your partner both have independent legal representation.
That means you can be confident that the document is fair and would withstand a possible legal challenge, as courts can disregard it if it’s deemed unfair or it doesn’t meet certain legal requirements.
Of course, nobody wants to contemplate the idea of getting divorced when they first get married.
But if you enter a marriage with considerable wealth in your name, it’s well worth considering every eventuality. It’s almost like an insurance policy – hopefully, you’ll never need it, but if the worst happens, you’ll be glad it’s there.
If you have any questions about securing your wealth, please don’t hesitate to get in touch with our team of experts.
Our friendly specialists are on hand to speak to you and will be happy to respond to any questions and queries about preparing for your future.
