Yesterday the Supreme Court upheld the Prenuptial Agreement in favour of multimillion heiress Katrin Radmacher. What this means in plain English is that an agreement made between partners before marriage about how their assets should be divided in the case of divorce has, in this case, been enforced when many such agreements made in the past have been dismissed. If this case becomes the precedent from which other prenups are set, then unless one party to the prenuptial has suffered from a material lack of disclosure, information or advice, or unless the agreement fails to make adequate provision for dependent children, the courts will enforce the terms.
This does not mean that as a result of this decision Prenups have suddenly become "legal" – that still remains a matter for parliament. And there will be much discussion about a partner after separation or divorce being left in a vulnerable position financially. So there is still a lot to iron out, but in essence it means that there is a good possibility that if you agree a prenup, then what you take into your relationship at the outset, you could more than probably leave with if it all goes pear shaped.
That’s if you even get to the nuptials if you were to bring up the subject of a prenuptial agreement to your beloved and (hopefully) lifetime partner. Wouldn’t the mere mention of finances, businesses, assets and a ‘what’s mine is mine’ attitude kill your romance stone dead?
I actually don’t think so. I was discussing this (and ‘related’ relationship issues) during a lengthy conversation with a friend who values honesty and clarity (and his house!). He was quite clear that, after going through a divorce and buying his wife out of their house, that when he finds Mrs. Right (or even Mrs. Right Now), he would be thinking seriously about having a prenuptial agreement as far as his property is concerned. I agree. Second time around when people have already been through a break up that has taken its toll financially, they would not want to risk having to divide up what’s left and be left with even less financial stability than they had when they entered their new relationship. If new partners have children from previous relationships, prenups are even more important to safeguard their children’s legacy.
In fact, both of us agreed that the most romantic thing you can do is to agree a prenup because it is then absolutely clear that it’s the person you are entering into the relationship with that’s most important and not their wealth and what they can provide you with financially.
So, if you believe that prenups serve a useful purpose in regulating the consequences of a possible relationship breakdown, then this judgment will allow you to do just that. And isn’t that a bit like you would do if you were entering into any other transaction that involved your life and your finances?
In conclusion then, if you want to start your new life with your partner feeling that they only have eyes for you (and not your bank account), then get yourself a prenup, seal it with a kiss and sign on the dotted line of love as you walk into the sunset knowing that your three bed semi or sweep driveway estate is as safe as houses.
Love Francine
PS. I would love to know your comments on Prenups and whether you would agree to drawing up a prenup or postnup in your present or future relationships.