With the global fascination of the second Royal Wedding of the decade and all the upheaval about whether or not Meghan is ‘the one’ for Prince Harry, one begs to ask the question why the 33-year-old, £25 million, Prince Harry has not entered into a pre-nuptial agreement? By not entering into a pre-nuptial agreement is the Prince really proving his true love to Meghan? Surprisingly, Meghan too does not seem to be in a rush to protect her pre-marital assets albeit it being her second marriage.
True love or not, pre-nuptial agreements are an important way of protecting your assets, as once you are married there is no ‘his or hers’ it is simply ‘ours’ UNLESS you enter into a pre-nuptial agreement before the wedding!
If you do not have a pre-nuptial agreement in place and you divorce or separate, the Court will have discretion as to how it will divide your matrimonial assets.
Whilst pre-nuptial agreements are not legally binding in England and Wales, following the case of Radmacher -v- Grantino, more weight is being placed on them by the Courts, provided the terms of the agreement are deemed to be fair and reasonable and provided the agreement is prepared in accordance with the following principles;
- The terms of the pre-nuptial agreement must be fair;
- The pre-nuptial agreement must be entered into without undue pressure having been placed on either party;
- The pre-nuptial agreement must be signed at least 21 days before the wedding;
- Both parties must have produced financial disclosure in support of the assets;
- Both parties must receive independent legal advice.
So ready or not for marriage – whether it is your first, second or third, remember the best way to protect your assets in the event of a divorce or separation is by entering into a pre-nuptial agreement.
The Family department at Jefferies are happy to offer you personalised, tailor made advice to prepare the pre-nuptial agreement that meets your needs.
If you would like advice on whether or not a pre-nuptial agreement is the right option for you, then please call Ms Farah Naz from our Family Department at fn@jefferieslaw.co.uk who will be happy to assist you with your query.