Recent research has shown that there were 103,552 divorces between opposite-sex couples in 2020, a decrease of 4% compared with 2019. With this in mind, there’s no wonder there has been an increase in interest in prenuptial agreements prior to marriage.
Prenuptial agreements were recognised by British courts in 2009 and are now becoming more popular for those entering into a marriage or a civil partnership since the change of law on civil partnerships in 2004.
What is a prenuptial agreement?
A prenuptial agreement is a formal written contract that can be entered into to protect each party’s property and assets.
For those seeking to marry, prenuptials offer a form of legal protection and financial control, as the financial outcome of a divorce becomes more predictable.
As divorce rates are high in the UK, ‘prenups’ are often used to reduce risk. The Office for National Statistics reports that divorces in England and Wales are highest between the 4th and 8th anniversary of marriage and that 40% of marriages end in divorce by the 20th wedding anniversary.
Where do you stand?
Tom Fisher, Family Law Legal Executive at Jackson Lees, comments:
“The fact that the court can follow what parties agreed before their marriage or civil partnership, now appears to reinforce the importance of seeking legal advice prior to marriage.
If the couple can enter into a reasonable agreement prior to their marriage, although this can feel strange, to talk about what might happen if they separate, this could avoid expensive litigation in the unfortunate event that the marriage was to fail. It can give both parties peace of mind so that they both know exactly what they would do if things sadly didn’t work out.”
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If you are unsure whether to choose a prenuptial agreement and would like to discuss your circumstances, you can contact our experts. Please click here for a callback or message us with your enquiry.