Remarrying? Why you should think about a prenup…

Pre-nuptial agreements (“prenup”) continue to be a wise provision for couples to put in place.

Far from being a negative force, prenups allow two people to agree how assets should be divided if the relationship were to end. Couples that don’t do this face the possibility of a messy, convoluted process in which (in some cases) the family court will decide who gets what. This can leave parties feeling aggrieved at having had to share or relinquish things they felt were theirs.

It may not be an easy conversation to have with the person you’re set to marry, but if a prenup would be right for you, you’ll need to bite the bullet. It’s a conversation that could perhaps be a little easier to broach if you’re marrying for the second or a subsequent time. That’s because anyone who has gone through a divorce will really understand the difficulties that can come with having to resolve financial and other issues once a relationship has broken down. With a 50/50 division of assets being the starting point in England and Wales, the reality for many people is that non-matrimonial assets, such as inheritance acquired or investments made pre-marriage, become intertwined in the family’s affairs. This means they’re vulnerable to being apportioned as part of the divorce settlement.

Those people that have gone through a divorce may be looking to put better protections in place next time around. They may have acquired assets from their previous marriage which they want to ringfence and aside from their divorce settlement, they may have built up more savings, perhaps received some inheritance, bought property. These are all potentially capable of being protected by a prenup.

Another important consideration is inheritance intended for children of the previous marriage. A prenup can be an effective way of separating out assets – money, heirlooms, property, etc - that are planned to be passed down to children, to avoid those things being treated as part of the marital estate. It can also pave the way for those children to receive their intended inheritance even if your new spouse were to outlive you.

Not everyone will feel that a prenup is right for them. Not everyone will need to call on the prenup they make. There are no certainties, but having this agreement in place can bring a degree of comfort – and could prove extremely beneficial.

Contact our team to find out more about prenups and how we could help protect the things you own on family@bsandi.co.uk or call us on 01264 353411.