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Pre-nups are not just for the rich and famous

09 January 2020 Family Law Ruth Croman

Tiger Woods, Madonna, Beyonce and Jay-Z – they all have them. But prenuptial agreements are not just for the wealthy or Hollywood A-listers. So if your other half popped the question at Christmas, think with your head as well as your heart and make sure you are protected for your future together. A pre-nup can be a beneficial legal document when settling your finances should the marriage break down in the future and there are plenty of reasons to consider one – even if you don’t have a huge net worth, you will still have assets to protect, either now or later down the line.

When Jeff Bezos and Mackenzie Tuttle got married in 1993, they did not anticipate that some 25 years later they would be one of the world’s richest couples and getting divorced.

In Scotland, when a couple get divorced the courts will look at “matrimonial property” as all the property belonging to the partners at the date of separation which was acquired by them during the marriage, jointly or individually (and except where received as a gift or inheritance). This could put one of the parties at serious risk.

We don't want to put a dampener on things and whilst it could be argued that a pre-nuptial agreement isn’t very romantic and could be seen as being pessimistic for the future, with almost half of marriages ending in divorce, it is better to be safe than sorry.

  • Prenuptials encourage parties to discuss finances from the outset and can help resolve financial issues before the marriage has started
  • Prenuptial agreements are a good way of protecting family assets or property acquired before the marriage
  • Prenuptials can help provide financial security if there are children from previous relationships or marriages
  • Prenuptial agreements can also save time and costs and can help avoid long financial settlement proceedings in the event a divorce or breakdown occurs.

Pre-nups are becoming more commonplace and the courts are giving more consideration to prenuptial agreements when making financial orders following a separation or divorce. Should a breakdown in the relationship occur, having a prenuptial agreement in place can save legal fees and expenses, as well as stress and heartache.

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