The Death of Romance or just plain, open and prudent Financial Planning?
- Author: David Crosby
- Posted on: 10th February 2014
- Posted in: Blog
The Pre-nuptial agreement has always been something that we in the United Kingdom think as being ‘so Hollywood’ and something that only is used by the rich and the famous (or infamous). That has always been the case here but as this article shows times are changing to reflect better the way many people now choose to live their lives and as importantly, how this wish to ‘manage’ their relationships and their finances can be achieved.
With the divorce rate currently also standing at not far from 50% clearly there are very real risks of not taking proper steps to ‘manage’ this issue in a proactive way. At Crosby & Woods we have seen over the last few years far more clients asking us to discuss such agreements with them and this is a trend we believe will only increase year on year. Not only is this a subject many find hard to raise, perhaps seeing it on some occasions as being a possible admission of doubt, it has also been one where giving definitive answers has been all but impossible as the Courts in England & Wales have not wished to see their powers to intervene restricted by such agreements. The shift to more acceptance of such agreements began with the guidance that there was discretion for Judges to consider (if not be forced to accept them) the terms but these current proposals, if brought into force, are looking to actually give real teeth and enforceability and in our view this must only be a good thing for the far greater certainty it will give couples in the future. Of course it is absolutely essential that any such agreement is entered to with both parties eyes wide open and with each party making a decision to sign based on a full and frank discussion on exactly what assets exist and which ones are intended to be protected and which shared. It is also essential that there is no coercion or undue influence placed on either party to sign and therefore at Crosby & Woods we fully support the position that both parties should on all agreements receive independent legal advice from family law specialists.
For a free, confidential and no obligation discussion on any aspect of pre-marital asset planning, including the preparation of a pre-nuptial agreement, please call Marie Stock or Gemma Thew on 01273 734 600.