If you knew that there was a 42% chance of having an accident, would you insure against the possibility of that event occurring? In most cases the answer would be yes. However, are you aware that 42% is the actual current divorce rate in the UK? It is a staggeringly high figure which confirms the changes to family life today. Even the royal family have been affected by divorce. Of the Queen’s own children in fact, only 1 out of 4 has not been through a divorce and one of those divorcees is the heir to the throne.
In view of these statistics, it is therefore not surprising that pre-nuptial agreements are becoming more and more popular. The assumption is often that they are only suitable for people with considerable wealth.
Although prenuptial agreements are not yet legally binding, over the last 5 years they have been increasingly taken into consideration by the higher courts and provided that the guidelines given by those courts are followed, there is ‘every likelihood’ that the prenuptial agreement will be a very influential factor in any financial case arising from a divorce. It is essential however to ensure that professional advice is sought in relation to the making of the prenuptial agreement to ensure that it is given the appropriate weight by the court.
Prenuptial agreements can now be used to protect inheritances, business assets, wealth accumulated prior to the marriage, future pensions, your personal injury claim and other assets. It is particularly becoming common amongst those who are getting married for the second or third time. These couples recognise that a prenuptial agreement has an important part to play to ensure that the children from any previous relationships are fully protected.
In view of the high statistics for a divorce, it makes sense to include a prenuptial agreement in your wedding plans. For advice on a prenuptial agreement please contact our Leeds based Family Law department on 0113 320 5000 or email our prenuptial agreement specialist Wendy Campbell at @email.
