Take our quick quiz on prenups. You may be surprised by the answers.
A) Which of the following is the odd one out?
- Insurance Policy
- Pre-nuptial Agreements
- A decreasing life insurance policy
- Marriage ceremony
- Sun cream
- A hen party
ANSWER: Number 6 - A hen party as all the others, including a marriage ceremony and sun cream, are all forms of protection. With 42% of marriages now ending in divorce it makes sense to protect yourself by having a prenuptial agreement prior to getting married. A prenuptial agreement should be regarded as a form of insurance, ‘just in case’. Ask yourself, would you take out an insurance policy if you knew there was a 42% risk of having an accident? The answer is generally a yes. However, this 42% statistic applies equally to that of the current divorce rate. Prenups are becoming increasingly popular and there’s nothing odd in setting one up.
B) True or false: Only wealthy celebrities have prenuptial agreements?
ANSWER: False. A pre-nuptial agreement can be used to protect your business, your pension, your future inheritances and other assets which you have not yet even acquired at the time of the marriage. Requests for prenuptial agreements now come from clients without any significant assets who believe that they will be successful in the future and wish to protect their future financial position.
C) What is the minimum time a prenuptial agreement should be entered into before marriage?
- 7 days
- 1 day
- 21 days
ANSWER: Number 3 -Although prenups are not yet considered legally binding, the higher courts have over the last 5 years or so given increasing weight to prenuptial agreements which are properly prepared and follow the guidelines set out by the higher courts. One of those guidelines is that a prenuptial agreement should be entered into as soon as possible prior to the marriage and at the least, 21 days before the marriage ceremony.
D) Is it possible to calculate how much a prenuptial agreement might save you?
ANSWER: You can get an indication of the savings you would make by having a prenuptial agreement. Our innovative prenuptial agreement calculator is designed to help you see how a prenuptial agreement works by giving examples of the financial savings that may be made by entering into a prenuptial agreement. However, it is essential that all prenuptial agreements should be prepared by a specialist family law solicitor with both parties seeking independent legal advice.
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