More than half of under-35s getting married consider a pre-nuptial agreement
A recent study has shown that more than half under-35s would consider getting a pre-nuptial agreement drawn up before they get married. Despite once being only considered relevant to the ‘super rich’, pre-nuptial agreements are becoming an increasingly popular choice not only for young couples but also those marrying later in life in order to protect their assets. The agreements are also increasingly being used in second marriages between people of equal wealth.
A pre-nuptial agreement is an agreement entered into by a couple before they get married which sets out how they will organise their finances during the marriage and what they would wish to happen in relation to financial matters in the event of separation.
When considering marriage, it is understandable that the first thing on peoples’ minds is not usually protecting themselves in case things go wrong. However, particularly those marrying later in life, or with considerable assets or inheritance, may want to exclude certain assets being brought into the ‘marital pot’. Some individuals taking part in the study claimed they would consider a prenuptial agreement due to the fact their partner was ‘not very good with money’. Others also mentioned the fact that had received very little financially in previous relationships and wanted to avoid history repeating itself.
Pre-nuptial agreements are becoming increasingly popular with under-35s but also with those later in life as people are showing a desire to protect their assets and wealth accrued prior to marriage. Recent decisions of the courts have also endorsed such agreements and the Law Commission recommended earlier last year that pre-nuptial agreements should be legally binding in divorce settlements, after the needs of the separating couple and any children have been taken into account.
Pre-nuptial agreements need to be entered into with proper legal safeguards and both parties will need independent advice. Such agreements are a useful way of protecting assets and providing for how finances would be dealt with in the event of divorce. For advice and guidance on pre-nuptial agreements or financial arrangements on marriage or separation, or to discuss your current situation, please contact our specialist Family Law lawyers on 0161 927 3118 for a free 20 minute consultation.