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Pre-nups 'remain the preserve of the rich'
Mon 29 Mar 2010
Pre-nuptial agreements are still being taken up mainly by more affluent people, an expert has noted.
According to Nancy Duffield, a senior lecturer at the College of Law, pre-nups remain the "preserve of the rich" rather than ordinary people.
However, she stated that this could potentially change if the law is altered so that pre-nups become legally binding.
Ms Duffield said this would depend mainly upon the government, but noted that this issue is unlikely to get to the top of the political agenda very quickly.
She added that any legislation regarding pre-nups would have to take into account the fact that a person's circumstances change during the course of a marriage.
For example, the arrival of children or the onset of ill health could make it "unfair" to stick to a pre-nup.
Ms Duffield said if the flexibility to respond to these changes is applied in the law, then an agreement made before marriage would not be "completely" binding.
Jacqueline Major, a solicitor at Winckworth Sherwood Solicitors, commented: "Pre-nuptial agreements may be seen as the preserve of the rich, but in fact they are becoming increasingly popular in any situation where there is a disparity of assets or income between the parties.
"We have prepared pre-nups for all sorts of clients, from millionaires to people with a house that they wish to try to protect if the marriage fails after a short period.
"It is a sensible and pragmatic way of catering for what will happen in relation to finances, should the marriage fail.
"A pre-nup is not binding as a matter of law, but its terms can be fully taken into account.
"If there have been no changes in circumstances (such as a child being born) and the marriage is a short one then the pre-nup has a much greater chance of being adhered to.
"We have recently had guidelines as to how pre-nups can be made even more likely to be upheld – including converting them into post-nuptial agreements, after the marriage has taken place.
"We are hoping that the Supreme Court will give further clarity on pre-nups generally in the case of Radmacher, which was heard last week, judgment being expected in a few months time."
