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Prenups are not just for the rich and famous

Prenups are not just for the rich and famous

When we think of a prenup we often think of celebrity marriages and that these types of documents are reserved for the rich and famous or uber wealthy. However, prenups are becoming more commonplace in marriages in the UK, and whilst nobody enters a marriage thinking they will separate, with over 90,000 divorces in the UK last year, it is good to have an insurance policy.

A prenuptial agreement (often referred to as a prenup) is a legal document which simplifies and sets out how assets are divided if a couple split up, and they are now becoming an integral part of getting married, right next to choosing a dress and a venue. 

Whether it is your first marriage, or a relationship further down the line, protecting yourself and your assets is key. Every prenup is different and is tailored to your individual circumstances but typically they would cover specific assets and protecting children's inheritance, such as:

  • Financial or business assets owned prior to marriage
  • Expected inheritance 
  • Premium bonds and stocks & shares
  • Trust funds
  • Assets you want to leave children from a previous marriage
  • Pension pots
  • Income
  • Property

As well as protecting money, assets or savings one party may have in the event of a divorce, a prenup can also be extremely beneficial when one or both parties have debts accrued before the marriage.

Prenups can be invaluable, and it makes sense to discuss with your partner and agree in advance what would happen if you split up, rather than leaving it until a tempestuous time and for the Courts to decide. Prenups offer some certainty in difficult situations and when one party in particular has significantly more wealth that the other, or has children from a previous relationship, it is always important to prepare for the “what-if’s”. Prenups do not take away from the romance of a new marriage, or indicate a lack of faith in the relationship, but instead allow you to think sensibly and start your marriage with a strong foundation of trust and mutual respect.