Prenuptial Agreements
Prenuptial agreements, or "prenups", have become increasingly more common in the United Kingdom, and indeed in Scotland they are binding in certain circumstances as a contract.
In England and Wales however they are not, but while the Courts have the power to overrule them, they are placing greater and greater emphasis on them in the event of a divorce, especially after an English Supreme Court case in 2010 between German heiress Katrin Radmacher and her husband Nicholas Granatino where the courts upheld a prenup.
It is thought that the courts are very close to affording prenups full legal recognition, and even now will often effectively do so if there are no children, or the marriage is fairly short.
So what is the point of a prenup?
When two parties get married or enter into a civil partnership, they may wish to protect their existing assets and other income they have earned prior to entering into that relationship. This is not the most romantic thing to be concerned about in the run up to the big day, but it is the most practical solution in the event of a later separation if for example there's a significant gap between the wealth of the bride and groom.
Marriages and relationships do break down, no matter how happy the couple may be at the start, and a 'prenup' can save lots of time - and most importantly, costs if the divorce becomes acrimonious.
For more information, please contact our family team.
