Why Pre-Nups Protect Divorcing Couples And Their Assets
The subject of pre-nups is back in the headlines after reports that Jennifer Lopez and Ben Affleck tied the knot without one - and now face a complicated divorce.
Jones Myers Partner, Nicki Mitchell, says that 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 split 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 consult highly experienced family lawyers to draw up a pre-nup before getting marriage can avoid financial and emotional heartache if the relationship breaks down.
Jones Myers Harrogate office is located at 5 Victoria Avenue, HG1 1EQ, www.jonesmyers.co.uk For queries on all aspects of divorce and family law, call 01423 276104 www.jonesmyers.co.uk
ABOUT NICKI MITCHELL
With extensive experience in family law, Nicki specialises in the financial aspects of relationship breakdown - and particularly complex cases involving family businesses, multiple properties, and complicated pension arrangements.
A skilled mediator, child inclusive mediator and collaborative family lawyer Nicki champions Alternative Dispute Resolution processes which avoid a lengthy court process and can lead much more quickly and cost effectively to a successful resolution.
Her exceptional track record also includes advising clients on the more traditional methods of resolving issues surrounding family breakdowns. Nicki.mitchell@jonesmyers.co.uk
