When people get married later in life, or for the second time it may be important for them to keep control over the wealth that that they have built up before marrying. They have had more time to build their lives, accrue assets, and assume responsibilities – their lives are just more complex than those of people who get together earlier on in life. Or if they are marrying for a second time they may have had an unhappy experience of how things can go wrong and want the security and reassurance that if the worst happens they won’t be plunged into a bitter divorce battle once again.
A pre-nup can provide peace of mind and is a solid foundation for marriage.
In this scenario one person might be bringing a lot more to the marriage than the other. There may be a well-established family business which one party (or their family) want to keep out of any future divorce battle. If there are children from previous relationships the couple may want to preserve and protect their pre-marriage assets so that they can be passed on to their own children. A pre-nup can do that. Alongside a Will it can also cover the situation on the death of one of the spouses as well as divorce.
Up until quite recently pre-nuptial agreements were generally seen as an American thing, only really for Hollywood stars. For some, the idea of a pre-nup seems unromantic and negative – a signal that you think that your marriage might fail. However, for many couples a pre-nup can form a useful part of their financial planning, much like making a Will.
Then there was a flurry of interest after some “big money” cases decided in the English courts in which pre-nups were apparently upheld for the first time. By contrast, pre-nups have been part of the legal landscape for hundreds of years here in Scotland. Provided that a pre-nup is fair and reasonable when it was entered into, both parties have exchanged full and frank information, and no-one was put under any pressure to sign, it will be upheld by the Scottish courts if the couple divorces here.
One final word, older people are also choosing to live together without getting married, something which might have been unthinkable a couple of decades ago. If choosing to cohabit it is worth considering the legal regime and planning your financial affairs accordingly.
We work with people over a lifetime and can help you plan for the unexpected as well as the expected to ensure that problems do not arise
Please contact a member of our Family Law team if you would like any advice regarding these issues.
