The UK has maintained a relatively high divorce rate in recent years and as a result, it is not uncommon to see people remarrying, generally later on in their lives.
As we grow older, we tend to accumulate more assets and this means that those who remarry are often wary of protecting such assets should their new marriage break down and end in divorce as well.
Increasingly, individuals are sensibly seeking legal advice about how to go about protecting themselves financially should they be unfortunate enough to require another divorce. Family solicitors will typically advise that they consider a pre-nuptial agreement. Whilst some attach a stigma to such agreements, securing one is responsible and ensures peace of mind.
Under a pre-nuptial agreement, provisions may be made about the division of the husband or wife’s property, shares or other assets, preventing the other side from claiming a right to those assets if the marriage breaks down. The terms of the agreement are agreed to out of court by the future husband and wife.
Whilst UK Courts have been accused in the past of having scant regard for pre-nuptial agreements, that is not really the case anymore, especially not since the well-publicised case of Radmacher vs. Granatino in 2010.
In future, it will probably become increasingly unusual for the Court to overlook your agreement entirely provided that:
• Both parties fully disclose the details of the agreement
• Both sides fully understood the terms of the agreement
• Conditions are built in to ensure that the agreement is re-examined in the event of significant developments in the couple’s relationship e.g. the birth of a child, or the loss of employment
• The terms of the agreement are deemed to be fair