Sep 2024
New research has revealed more couples than ever are opting to sign agreements before getting married. But why?
What is a pre-nuptial agreement?
These are legal agreements that are drawn up and signed by both parties, agreeing to how assets would be divided in the event of a split. According to recent research by the Marriage Foundation, 20% of couples that have married since the year 2000 will have some form of pre-nup in place – compared to just 1.5% in the 1970s.
The increase in popularity is unknown, however, there are a number of possible reasons. Opting for a pre-nup is a way of earmarking what belonged to each person prior to the marriage, so people might want to consider things like property or businesses they own, as well as pensions, savings or other valuable assets.
More common for some
Unsurprisingly, pre-nups are more common among wealthier couples and the survey even found that this is even more true where the wife earns the same or more than her partner. The survey also showed that 44% of those in managerial or professional jobs said they had a pre-nup, compared to just 18% of mid-level managers and semi-skilled workers.
The increase could also be partly down to the fact that people are now more likely to marry later on in life, after they have each already accumulated assets individually, and therefore wanting to protect that wealth. The same goes for couples who both want to protect assets, as opposed to where one party has more wealth than the other.
More than just unromantic paperwork?
What’s more, people tend to shy away from pre-nups, thinking that they are just unromantic paperwork. Also, since the Radmacher case in 2010, some people question the validity of a pre-nup – but it is always better to have one than to try and rely on nothing should you choose to separate further down the line.
If you are thinking about getting one, or you would like some advice, contact Downs Solicitors to see how we can help.
