It is safe to say that the majority of people who choose to say, “I do”, tend to do so with the intention of ‘going the distance’ and making their relationship last a lifetime. However, modern life’s increasingly unpredictable nature appears to be fuelling a rising trend among new couples who are now also choosing to put in place a safeguarding plan in the event that their marriage unfortunately does end up breaking down. Enter the prenuptial agreement or ‘prenup’.
A Rising Trend
Although prenups were once only considered the domain of celebrities and very wealthy individuals, recent trends show that they are growing in popularity across a much broader demographic. Statistics from the Marriage Foundation show that 20% of all UK marriages now include a prenup, which is a significant increase from a meagre 8% in the 1990s. This change appears to be driven by various factors including the desire to protect one’s own personal assets, foster greater peace of mind in relationships, and general evolving legal perspectives. Another contributing factor may also stem from the fact that wealthy parents are increasingly encouraging their children to opt in to prenups by using financial incentives to ensure that family fortunes are protected. For example, although a parent may not be able to force their child to sign a prenup, they may choose to make inheritance or financial gifts contingent on one being signed.
So, What Is A Prenuptial Agreement?
A prenuptial agreement is a legal document which details how the division of finances and assets will be carried out if ever a couple’s marriage dissolves or if one spouse passes away. This agreement, which is generally drawn up prior to officiating a marriage (although postnups are a thing too!), can cover a wide range of assets – including properties, savings, and other possessions – to ensure a fair distribution of them after separation. Prenups can also be used to safeguard other, more personal assets such as inheritances, pensions, and personal savings.
The Benefits Of A Prenup
Prenups are particularly practical for most couples due to a combination of the following reasons:
- They offer financial protection. As detailed above, prenups can help to protect a person’s individual assets so that they are retained after a relationship breaks down. This is particularly important for those who have accumulated substantial personal wealth before going into a marriage or for those who may have had a previous marriage(s) that comes with its own practical and financial entanglements. Note: Regarding the latter point, the remit of a prenup can also extend to securing children’s inheritances, which obviously comes in handy in the case of blended families.
- It can facilitate a more cost-effective divorce. By having a pre-determined ‘breakup’ plan in place, couples can avoid the lengthy litigation that often arises from disputes over financial and child arrangements during a divorce. This not only saves money, as legal fees can quickly amount to significant heights, but it also shortens the divorce process in its entirety.
- It offers greater peace of mind. The simple fact of knowing that there is a clear financial plan in place should things ever go wrong provides both partners with a sense of reassurance, which in turn reduces the stress associated with any potential financial disputes.
What Should I Do If I Want A Prenup?
There a several factors to keep in mind for couples who are considering a prenup before tying the knot. These are as follows:
- Timing: The prenup should be completed at least 21 to 28 days before the marriage takes place.
- Seeking Legal Advice: Both parties will also have to have obtained independent legal advice to support the agreement’s validity before it is completed.
- Financial Disclosure: Both parties will have to disclose the details of their financial status to each other, including future inheritances, as part of the agreement.
- A Voluntary Agreement: The prenup must of course be agreed upon freely and without any coercion from either party.
- Fairness: Finally, the terms of the prenup should be balanced and fair without leaving one party in a financially vulnerable position.
If you are considering a prenup, it is important to remember that discussing the topic with a partner can be challenging due to the sensitive nature of finances in a relationship. However, it is crucial to foster open and honest communication in this domain and to approach the conversation calmly and with tact, clearly explaining the benefits and necessity of the agreement. Both partners should feel that their interests are fully respected and that any agreed compromises are based on a clear, mutual understanding in order to draft a valid agreement.

If you would like to explore a prenup but are unsure of what steps to take, then don’t hesitate to contact us today and book a free consultation to find out more about how we can help. Our solicitors at Grayfords have a wealth of experience in dealing with prenups, financial arrangements, and a wide range of other family matters, and can help you secure an agreement that best protects yours and your partner’s interests no matter what the future holds.
Neil Scott Graham, a Partner at Grayfords, comments as follows: “The Courts will be reluctant to interfere with agreements entered into freely and willingly between two parties, where they have an understanding of their partner’s financial resources and a clear understanding of the effect the agreement will have upon their financial claims, and where the agreement does not give rise to any manifest unfairness. This applies equally to prenuptial agreements, agreements entered into before a civil partnership and even postnuptial agreements entered into after the marriage. In order to maximise the likelihood of an agreement being effective, either under the current law or in the event of any change to the statutory law in the future, it is sensible to work towards completing the agreement at least 28 days before the ceremony which means going to see a solicitor a couple of months beforehand to provide sufficient time to complete it. Remember, if you are completing either a prenuptial agreement or a postnuptial agreement it is important to obtain specialist advice from someone such as Grayfords not only to ensure that the agreement is properly drafted but also in order to maximise the likelihood of the agreement being effective.”
- https://www.gov.uk/marriages-civil-partnerships/plan-your-ceremony#:~:text=To%20give%20notice%2C%20you’ll,months%20of%20’giving%20notice‘.
- https://en.wikipedia.org/wiki/Marriage_in_England_and_Wales
- https://www.citizensadvice.org.uk/family/living-together-marriage-and-civil-partnership/getting-married/