While pre nups are often used by wealthy individuals to protect themselves in the event of divorce, they are by no means only suitable for those with significant levels of wealth.
Pre nups are most commonly used in 2 situations:
- For those who wish to enter into a second marriage and wish to protect their asset base for their own children;
- Where there is an imbalance of wealth between the parties of the marriage (and commonly, where that wealth is inherited).
The court has a very wide discretion upon divorce to determine the financial split, and there is no guarantee what each party will be left with. A pre nup can ensure that some or all of the parties’ assets are excluded from the “pot” to be divided upon divorce. So long as it is fair to do so, the court will uphold a pre nup upon divorce.
The cost of the pre-nup will depend on the extent of the financial disclosure to be exchanged between the parties and then reviewed, the negotiations, and the complexity of the agreement. A pre-nup need not be prohibitively expensive, and ultimately, should be considerably cheaper than the cost of protracted divorce proceedings and the loss of assets upon divorce.
If you would like to discuss your options and the likely costs, please contact our Family Team on 0345 646 0406 or fill in our online enquiry form and a member of our Team will be in touch.