Recent research has shown that there were 103,552 divorces between opposite-sex couples in 2020. 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.
Why should you have a prenuptial agreement?
Keith Bull, Head of the Family & Divorce Team at Bromleys Solicitors, advises prenuptial agreements because:
- It enables one party to protect their assets, to some extent, that they had acquired prior to the relationship
- It enables a party to protect from a claim any future assets that they may acquire, such as future inheritance
- It allows both parties to anticipate actual and potential problems
- It enable both parties to avoid substantial legal costs that can be incurred in contested court proceedings
We are experts in prenuptial agreements.
If you are unsure whether to choose a prenuptial agreement and would like to discuss your circumstances, the team at Bromleys are here to help. Call us today on 0161 330 6821 or email bromleys@bromleys.co.uk.