Your UK Prenuptial Agreement Is A Form Of Insurance
You wouldn't view taking out home insurance as an invitation for burglars to come and rob your home. So why see making a pre-nuptial agreement, a form of marriage insurance, as a premonition for divorce?
So why is it that couples shy away from taking out an insurance policy against their marriage? The phrase 'prenuptial agreement' in itself is too much of a mouthful for some. But if you are tempted to think that way, there's no harm in taking a fresh look at the facts.
Recent reports have shown that the average marriage in the UK lasts for 13 years - a figure that falls well short of the anticipated lifetime! On the other hand, statistics also show that 40-50% of marriages end in divorce. This is just one strong reason why the prenuptial agreement (also called a prenuptial contract) is becoming increasingly popular in the UK. The bare facts are that after tying the knot all of a couple's assets become matrimonial assets and a prenuptial agreement has the express aim of trying to limit any claims on those assets by the other party should the marriage end prematurely.
It is fact that prenuptial agreements are not legally enforceable in UK courts. Yet a prenuptial agreement properly drawn up by a specialist family solicitor certainly acts as persuasive evidence to a court over how a couple wished to divide their property before they entered into marriage. It is proabable that prenuptial agreements will become part of the law in the future, however even in the meanwhile they effect the results of divorce cases quite significantly. In looking at the recent famous case involving heiress Karen Radmacher, it appears the courts are willing to lend more sway towards a valid prenuptial agreement when dividing up assets.
Prenuptial agreements are the modern day insurance for marriage breakdown, the help people protect their personal assets and ensure that their legacies go to their children instead of ex partners. They are therefore particularly advisable for those who remarry later in life.
The purpose of a UK prenup - as with home, health or pet insurance - is that in an ideal world we will never need it. Yet putting down in writing how we intend to protect our personal assest is actually a positive step of value than those who detract from prenup agreements think.
About the Author
Bonallack & Bishop are solicitors specialising in UK Prenuptial Agreements (http://www.prenuptial-agreement.co.uk ). If you need advice on a UK prenuptial contract then contact one of their lawyers today. Tim Bishop is senior partner at the firm, responsible for all major strategic decisions. He has grown the firm by 1000% in 13 years and sees himself as a businessman who owns a law firm.
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