Recently the BBC business team reported on the growth of Pre-Nuptial Agreements and the range of people that are now undertaking them. If you will excuse the pun, the article was absolutely “on the money”.
The idea of entering into a Nuptial Agreement has moved from a rarity to something that is now so commonplace that specialist matrimonial lawyers such as me and my team are drafting these documents frequently – and I can see why. Unlike other types of instruments, Nuptial Agreements can be very much what you want them to be. They can be as flexible and creative as you are.
It is not just about protecting assets (although that can be its purpose) it can also be setting out now what is to happen in the future, so that if the worst in your relationship does happen, you do not need to argue about it all at that time. Nor is it the case that you need to have a lot of money to make it worthwhile entering into a Nuptial Agreement that defines what happens if you were to get divorced or separate. All you really need is the desire to get rid of any uncertainty.
Some of the recent Nuptial Agreements that I have prepared have been about: –
- One party was entering into a small business venture with a uni friend and they had very grand plans for its world dominating success. To protect the uni friend and this business, the parties entered into a Nuptial Agreement protecting the business venture in the case of divorce (even though it was worth nothing at the moment);
- A couple was buying a home with one of their parents lending money to enable the purchase. The couple were agreeing in a Nuptial Agreement that those monies would return to the lending parents on any divorce;
- One party was bringing significantly more wealth into the marriage than the other and the Agreement was to set out that this money was to be protected on divorce if that divorce took place within the first 10 years of marriage;
- The parties had a child with special needs and they wanted to ringfence what would otherwise be considered their assets to ensure that on divorce their child was protected;
- The parties both worked at international jobs and moved around the world but they wanted the security of knowing that, if their marriage broke down, it would be dealt with in England and on certain parameters which they knew and understood; and
- The parties’ economic circumstances were remarkably different, but they wanted a Nuptial Agreement that confirmed that on divorce there would be an equal sharing whereas the law would have viewed them differently;
So you can see, whilst Nuptial Agreements started out as documents that were designed to protect significant wealth – actually these Agreements are considerably more versatile than that and can help parties move forward in their marriage without having to think about what will happen if it ends.
I actually think that is a lot more helpful than you first might think. I have recently dealt with one couple who entered into a Nuptial Agreement and their marriage has now ended. Actually, the easiest part of their separation was dusting off the Agreement, revisiting it, understanding what they had agreed at the beginning and then finalising matters in accordance with that Agreement. No angst, no fuss.
So if you think a Nuptial Agreement (either pre the wedding or post it) might be something you and your partner want to consider, then please do talk to me or a member of the Rayden team.
