(Today's Family Lawyer) - The average age of those requesting a prenuptial agreement to protect their assets and personal finances against their spouses has decreased by 10 years in the last five years, insights from a family law specialist has revealed.
Teresa Davidson, Head of Family Law at Winston Solicitors, reports that the average age of her enquiries to take out a prenuptial agreement when getting married in the UK has gone from those in their forties to now aged around 30.
The data, from Winston Solicitors, also shows an almost 100% increase in enquiries from those in their 20s enquiring about prenuptial agreements over the last five years.
Teresa states that this is due to a heightened awareness of the financial risks of marriage and transparency regarding divorce rates as well as more openness with younger couples to discussing financial issues as they enter a relationship.
The most popular assets that young people are protecting as part of a prenuptial agreement are:
1. House
2. Land
3. Business assets
4. Investment portfolios
5. Pensions
Teresa Davidson said that here has been a shift in social stigma. Traditional preconceptions regarding pre-nuptial agreements are changing. They are no longer a “taboo” subject and there has been a societal shift in attitudes towards them. She said:
“Previously pre-nuptial agreements were perceived as negative and unromantic, created an imbalance of power and were only for high-profile or wealthy individuals.
“Nowadays, they are seen as much more positive and important documents which allow couples to be more autonomous and less subject to the vagaries of the court system. The likes of high-profile celebrity divorces and the media coverage surrounding them, such as Ben Affleck and Jennifer Lopez, also highlight the huge financial risks that come with marriage.”
Teresa has also experienced a recent increase in post-nuptial agreements and says that while there are still a small number of couples looking to take out an agreement to protect their assets after getting married this is also on the rise with enquiries increasing by around 50%.
They may also have had a bad experience or a dispute over assets or income in earlier marriages and don’t want to repeat this. They may also have children from their earlier marriages and want to ring-fence assets to pass onto them, and not risk losing them to their new spouse or civil partner.
By Katie Johnson
November 14, 2024
