August 30, 2013

A Pre-Nup should the X Factor become the Ex-Factor

Two young people announced their engagement this week. To their vast audience of fans, Zayne Malik of boy band One Direction and Perrie Edwards of girl band Little Mix are idols, living the megastar celebrity lifestyle to the max.

The pair met when Little Mix were contestants on the X Factor two years ago. The romance hasn’t been plain sailing and they won’t be the first 20 year-olds to discover that maintaining a good relationship is not always straightforward.

To their proud parents they will be a cherished son and daughter, so in that spirit, I would like to offer the happy couple my congratulations and some ‘fatherly’ advice on an aspect of their future lives together that ought to be considered before they exchange their wedding vows.

Many young people, like Zayne and Perrie, may believe a pre-nuptial agreement pours cold water on their romance – but they would be wrong. A pre-nup allows each party to talk through and agree solutions before problems arise.

Currently, One Direction has a combined wealth of £25 million and their earning potential is predicted to rise steeply over the next few years. Little Mix has a net worth of £4 million. No-one can predict how long such lucrative careers will last, and if relationships break down, money and assets acquired before and during a marriage can become ammunition.

So for Zayne and Perrie, having a pre-nuptial agreement will safeguard them both from the potential animosity and heartache that often accompanies a break up.

A pre-nuptial agreement allows both parties to manage expectations about their finances, and encourages them to be open and frank with each other on such matters. Both Zayne and Perrie have substantial wealth and assets that could be difficult to divide and they may need to consider how to safeguard their future or the future of any children they may have.

These are all big questions and important decisions to make. I hope Zayne and Perrie get some time away from the media spotlight to make them.