A Supreme Court ruling on whether substantial assets transferred between spouses during marriage should be divided equally on divorce – has reignited the importance of Pre-nups.

The ‘big money case’ saw divorcee Anna Standish lose her legal case to keep almost £80 million which her affluent banker husband had given her in 2017 to put in offshore trusts for their children and to avoid inheritance tax.

When their marriage fell apart in 2020, the money was still in her name, sparking a bitter, prolonged case which played out in the highest courts in the land.

The outcome is a reminder of the importance of Pre-nups for all couples tying the knot, especially for nigh-net-worth individuals and families involved in estate and inheritance planning.

Irrespective of a couple’s financial status, a Pre-nup helps couples to avoid  the potential distress, acrimony, and expense of disentangling their finances if they split up.

How to obtain a Pre-nup

To enter into an agreement properly, the couple each need to obtain independent legal advice on the agreement

Both must also have disclosed their assets to each other – and the terms of the agreement must produce a result that is fair and reasonable and meets needs

The agreement should be negotiated and signed at least 28 days before the wedding. This allows both to obtain advice, have time to consider it, and make an informed decision on signing it

Do courts uphold Pre-nups?

Increasingly courts are upholding pre-nups on divorce if they  are satisfied that the agreement was entered into freely, without undue pressure  and with the benefit of full financial information and independent legal advice.

As the law stands, a court still needs to approve the settlement at the point of divorce, ensuring the agreement meets the needs of both parties. If it does not, a different order can be made but this is likely still to take the terms of the Pre-nup into account to some extent.

Are Pre-nups suitable for second marriages?

Yes, the contracts can work particularly well for coupes marrying for the second time where a husband or wife seeks to retain their own wealth if they separate. They can also protect the interests of children from previous relationships.

Taking the time to draw up a Pre-nup before marriage can avoid financial and emotional heartache in a marriage breakdown. Jones Myers family law specialists are highly experienced in advising on Pre-nups and Post-nups.

For queries on any aspect of family law, call Jones Myers at Leeds 0113 246 0055, Harrogate 01423 276104, or York 01904 202550. Visit www.jonesmyers.co.uk, email info@jonesmyers.co.uk or tweet @helpwithdivorce

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