Why pre-nups protect assets and peace of mind
By Jones Myers Partner, Nicki Mitchell
Pre-nups are in headlines as Jennifer Lopez and Ben Affleck face a messy and complicated divorce amid reports that they tied the knot without one in 2022.
While the assets of the high-profile stars, who are jointly worth $550 million, are a far cry from those of most divorcing couples, pre-nups – which set out how finances will be resolved – continue to be on the rise.
This is because more couples embarking on marriage want to protect themselves and their assets, avoiding the potential distress, acrimony, and expense of disentangling their finances if they break up.
The growing popularity of pre-nups reflects how more couples want to protect their own futures and do ‘the right thing’ by each other – and by any children, whose interests should always come first.
Pre-nups can work particularly well for couples marrying for a second time who often want to make sure they can retain their own wealth in the event of a separation and protect the interests of children from previous relationships.
The agreements can also give reassurance in cases where a wealthier spouse agrees to provide for the other spouse if they separate.
How do you go about getting a pre-nup?
- To enter into a pre-nuptial agreement properly, the couple each need to obtain independent legal advice on the agreement
- Both must also have disclosed their assets to each other and the terms of the agreement must produce a result that is fair and reasonable
- The agreement should be negotiated and signed at least 28 days before the wedding. This allows both to obtain advice, have time to consider it, and make an informed decision on signing it
Do courts uphold pre-nups?
Increasingly courts are upholding pre-nups on divorce as long as they are satisfied that the agreement was entered into freely, without undue pressure and with the benefit of full financial information and independent legal advice.
As the law stands, a court still needs to approve the settlement at the point of divorce, ensuring the agreement meets the needs of both parties. If it does not, a different order can be made but this is very likely still to take the terms of the pre-nup into account to some extent.
Taking the time to draw up a pre-nup before marriage can avoid financial and emotional heartache in a marriage breakdown.
Highly experienced family lawyers like Jones Myers can advise on pre-nups, post-nups or any aspect of family law. Call us at Leeds 0113 246 0055, Harrogate 01423 276104, or York 01904 202550. Visit www.jonesmyers.co.uk, email info@jonesmyers.co.uk or tweet @helpwithdivorce
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