It's no surprise that Cheryl Fernandez-Versini's divorce hit the headlines earlier this month.
Before marrying Jean-Bernard Fernandez-Versini, Cheryl decided not to enter a prenuptial agreement despite having significant personal wealth.
She felt it 'defeated the point' of marriage.
Although some feel that prenuptial agreements are unromantic or can undermine marriage or civil partnerships, they can remove the need for costly and protracted litigation.
And prenuptial agreements are not just for the rich and famous!
They can resolve and clarify various issues for many couples.
They can provide greater certainty, predictability and peace of mind in the event of relationship breakdown.
They are very useful tools in future planning.
They can be the starting point for constructive discussions about future plans and aspirations that can help couples plan their lives together.
The agreement can be simple or complex and tailored to fit the particular circumstances of the individual couple.
Prenuptial agreements are useful too for those marrying for a second time, when there may be a strong desire to protect the inheritance rights of children or previously acquired wealth.
Agreements in these circumstances create certainty and harmony.
Prenuptial agreements can ring-fence certain assets, even if they then alter during the marriage, and so protect pre-marital assets or those that derive from pre-marital funds.
They can also provide for the division of assets in the event of separation or divorce and so avoid costly and destructive litigation in future.
Prenuptial agreements are nothing new.
Although not fully tested by the courts, if both parties enter into a prenuptial agreement freely, having had the opportunity to take legal advice and the terms are 'fair and reasonable' it's likely to be enforceable.
Whether to enter a prenuptial agreement is a decision for individual couples, but it is something that warrants serious consideration.
Although it is hoped that it will never be used, there are many benefits of having an agreement in place, not least the extensive legal costs involved in divorce proceedings.
The law relating to the preparation of prenuptial agreements can be complex.
However, such agreements are not just useful for the rich and famous.
Our family law team is very experienced in this area and is able to offer advice and assistance in relation to this and any aspect of Family Law.
If you would like to discuss any of the issues raised in this blog please contact us.
