The UK Prenup - Is It A Necessity In Today's World?

Prenups are often quite controversial as many people believe that they undermine the sanctity of marriage. However on the other hand they are become more commonly used, especially by those people with considerable personal assets. It has recently been shown that although Pre-nuptial agreements are not legally binding under UK law the courts will acknowledge their existence and often rule according to what was agreed. Take the recent case of German heiress Radmacher - she protected her vast fortune from her ex-husband.

People are using a UK prenuptial agreement more than ever before. However with divorce statistics on the rise many people wish to be cautious at to protect their personal assets. The sanctity of marriage is unfortunately something which has suffered in contemporary Britain. Prenups are becoming more common as the figures show that 50% of marriages will end in a divorce.

In the UK the prenup is not recognised as a legally binding contract, however the above case does should that the courts are willing to add weight to what is agreed within it. Whilst many people do believe that a marriage should not be pre-determined by an agreement, many people are realising the benefits that these agreements can bring.

A UK prenup is an arrangement that the parties entering into a marriage keep their own personal assets in the event of a divorce. It can however project arrangements for the future regarding assets gained during the marriage. Interests of any children involved prior to the marriage and those borne out of the marriage are always considered first.

Drawing up a prenup before a couple are married enables each party to be in a safe financial place before entering into the marriage. It helps prevent sham marriages for money or "gold digging" as it is often known. The prenup should be made as a mutual agreement and entered into open mindedly. Both party should know its true purpose.

People should acknowledge that no one goes into a marriage knowing exactly what is going to happen in the future, they will not expect to get a divorce. Unfortunately however, divorce does happen and those opposing prenups of moral grounds should appreciate this fact and take note of recent statistics. Rather than undermining the sanctity of marriage, prenups are a tool to protect each parties personal finances for the future and hopefully the agreement will never even be referred to.


------

Tim Bishop is senior partner at Bonallack & Bishop, a firm of solicitors who can draft you a UK Prenuptial Agreement. For specialist advice about making a UK prenup contract, contact them today. Tim is responsible for all major strategic decisions, seeing himself as a businessman who owns a law firm.