The pre-nup conversation is an awkward one – but it’s one worth having.
During the height of wedding planning, most brides and grooms spend hours deciding on the perfect first song, table décor, bridesmaid dresses and venues. However, more and more couples are sitting down to discuss pre-nuptials before they tie the knot.
Market research from Slater and Gordon, a leading consumer legal services company, has shown that more than 53% of unmarried couples would only consider getting married, if a pre-nuptial agreement was put in place. Research also shows that even if you haven’t thought about getting a pre-nup sorted before the big day, your partner might have.
Britney Spears is one person who wasn’t afraid to have the conversation – having recently married Sam Asghari, Britney has put an “iron-clad” pre-nuptial agreement in place so that if ever the pair were to split, Sam wouldn’t be entitled to any of the tens of millions of pounds Britney has earnt during her incredible career prior to their marriage.
Interestingly, it is men who are more likely to ask their partner to sign a pre-nuptial than women. Research has shown that 62% of men and 51% of women would need to have a form of pre-nuptial agreement in place before considering getting married to their partner.
Of those that said they wouldn’t want a pre-nuptial agreement before getting married, 59% said it was because they didn’t have any significant assets to include within the agreement. Yet, if this is something that is putting you off from having the conversation with your partner, Jennifer Brunt, Principal Lawyer within the Slater and Gordon Family Team, has said this is where you might be going wrong.
Jennifer said: “People often think that if they don’t own a property, business or have millions in the bank, then they don’t have any assets to protect in the event of a divorce, however this may not be the case for several reasons”.
“Firstly, assets such as pension, which a person may have had long before meeting their partner, could still be included upon divorce and be treated as a matrimonial asset. It may be that at the time of the marriage, there were no assets, but there could be the potential of future wealth accrued through career progression or financial investments. You may have children from an earlier relationship and want to protect their future. Your partner may have significant debts at the time of marriage and so you could think about limiting any future lability for those debts. There are many factors to consider”.
“It’s also important to consider any assets you may acquire during your marriage. This may be the inheritance of a family home your partner did not contribute to financially, a business you established during the marriage or your family business, which you ultimately end up controlling and managing, which again, your spouse had no involvement in. All of these types of assets may be considered as assets to be divided upon divorce”.
“We would recommend looking into a pre-nuptial agreement before making a life-long commitment. Whilst not everyone will feel comfortable with starting a marriage this way, in the long-term it can protect you, and your assets significantly.”
So, whether you have been thinking about a pre-nup but haven’t felt comfortable talking about it, or you if haven’t thought about it at all, it is something definitely worth discussing with your partner.
For more information on Slater and Gordon and the services it offers, visit www.slatergordon.co.uk/