Prenups – worth the paper they’re written on?

In the last 20 years prenuptial agreements, or ‘prenups’ have become steadily more popular in this country. General wealth has grown, and so has the desire to protect finances in the event of divorce. However, one question often asked is: “are prenups enforceable?” The short answer is they can be.

The Supreme Court confirmed it will tend to enforce a prenup provided the parties have entered into it freely, taken legal advice and its enforcement will not result in obvious unfairness.

But aren’t they unromantic? It depends on the situation. One diplomatic way to raise the subject is to say “my parents / lawyer suggested we get a prenup – just in case”. In other cases, say second marriages, couples will discuss a prenup as a matter of course.

Should I get one? Yes if you want to protect wealth you have now or expect to create in the future. Even if you and your future spouse are on level ground financially, a prenup can be invaluable.

The bottom line is that relationships can break down. A prenup can help bring both peace of mind during a marriage and encourage a less acrimonious separation if it ends.

Mogers Drewett

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