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Advice

Prenups - should they be made mandatory?

Wendy Campbell Wendy Campbell
2 min read

With 42% of marriages now ending in divorce, smart people know it makes sense to include pre-nuptial agreements in their wedding plans.

A smart person understands that prenups are an insurance policy designed to give them protection in the event that things do not work out as intended.

A smart person knows that a prenup has the following benefits:

  1. Security of peace of mind both for you and any children. This is particularly important if you are marrying for the second or third time and have children from a previous marriage orrelationship.
  2. Prenups can protect your assets. This can include savings, shares, property and future inheritances as well as pensions. In addition, prenups are now being used to make provision for pets. I have come across some clients who are even more devastated about the prospect of losing their favourite pet than their marriage ending.
  3. They can support your estate plan.
  4. They can reduce conflict and save you the cost of expensive financial proceedings.

In view of all of these benefits, a smart person sees a prenup as a “no brainer” and an essential item to be included in his/her wedding plans together with the wedding cake, wedding clothes, flowers and photographer.

Although prenups are not yet binding in law, over the last 5 years the Higher Courts in England and Wales have increasingly taken into account the provisions of prenuptial agreements in financial proceedings associated with marital breakdown.

However, not everybody acts with a cool head when they get married and there is an argument that not only should prenups be made legally binding but also mandatory. It is said that if they become mandatory it would take away the emotional aspect and simply protect both parties. There would be less money, time and misery expended on a divorce if prenups were mandatory and it could furthermore reduce the number of “gold diggers".

Call our Family and Divorce Solicitors on 0113 320 5000, who will discuss your options on a no obligation basis. If you would prefer to email, @email.

Try out our prenuptial agreements calculator to see what you might save!

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