VANESSA FOX: Should a pre-nup be on wedding list?
IN THE midst of the season for brides, bouquets, limousines and loans taken out by proud parents to pay for the wedding of the year, pre-nuptial agreements are once more making the headlines. They are also on the increase, which is interesting as they still have no strict legal standing in the divorce courts in the UK.
This type of agreement consists primarily of a written contract that indicates how assets would be distributed or retained in the event of a divorce. Such agreements are common in America and parts of Europe and have gained much publicity through celebrity divorce cases.
When people hear the word "pre-nup", they often associate it with the celebrity or international business world, where relationships often do not last long due, no doubt, to the difference in age or financial circumstances of the couple.
The story goes a little like this perhaps: He's an older, high-flying businessman who is set to inherit a large estate from his affluent parents and she's ten years younger and 'fell on her feet' when meeting her wealthy husband to be. This perception doesn't reflect accurately the range of people making 'pre-nups' today.
Over here the divorce courts have the final word and will look carefully at the agreement to make sure it is not in any way unreasonable to either party or would affect adversely the rights and well being of any children involved.
In the last couple of years the UK courts seem to have accepted that agreements entered into with independent legal advice for both parties are important and relevant information for a court which is dividing assets on divorce.
Earlier this month the Court of Appeal, in a divorce case relating to a German heiress, set an important legal precedent and very firmly put the pre-nuptial agreement on the legal agenda.
The judge's recognition of the pre nuptial agreement made between the wife and her former husband is now seen by many as endorsing the validity of these contracts. The onus it seems will now be on a partner to prove their invalidity rather than the other way around.
The lump sum that had been initially awarded to the husband in this particular case was greatly reduced, to accord with the pre nuptial agreement.
In the past the courts have looked at pre nuptial agreements as a strong guideline or indication of the original wishes of the two people. Now such an agreement could be decisive in a divorce settlement and a key indicator as to how a couple's financial assets should be divided. Until there is parliamentary legislation to support this, the courts can still amend or ignore an agreement.
The choice of whether to sign a 'pre-nup' is a personal one between the two individuals involved just like any other job on the wedding to-do list. However, 'pre-nups' can be a way to limit the inevitable distress should things go wrong.
It could be seen as unromantic, but prenuptial agreements are part of good planning and should not be perceived as a lack of trust in your marriage lasting. After all, when a person makes a will, it doesn't mean that they are contemplating imminent death! Before you say your vows, here are some top tips on getting a 'pre-nup':
Be organised
Be sure to bring up the topic early on during wedding discussions.
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Don’t wait until right before a wedding to tell your fiance you want them to sign a ‘pre-nup’. The agreements are never in standard form and often take some careful drafting and negotiating to make sure they represent what the couple both want.
Be honest and open
It is important that you and your fiance are able to agree on the basics of the prenuptial agreement, and are open and truthful about your assets, debts and why you think the agreement is important. Make a list of all your assets and talk about who will get what, should the marriage end in divorce. Any attempt to hide or mislead part of your assets or to get your partner to sign a ‘pre-nup’ that is considered unfair could result in the agreement being disregarded later on by the divorce court.
separate lawyers
Once you’ve agreed to sign a ‘pre-nup’, each of you needs to instruct your own lawyer. Should you and your significant other choose to use the same lawyer, a judge would be very unlikely to enforce the agreement.
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