Epic prenup signed by Brooklyn Beckham and Nicola Peltz good reminder that such agreements are important
Brooklyn Beckham and fiancée Nicola Peltz’s reported “mother and father of all prenups” is a timely reminder of why such agreements are so important, according to Thursfields Solicitors.
The leading Midlands law firm was commenting after the couple signed a pre-nuptial agreement to protect what is thought to be £380m Beckham and £1.3 billion Peltz fortunes.
Thursfields Look More into Prenups
Philip Rea, a director in the Family law team at Thursfields, said such phenomenal wealth between the families made it “entirely appropriate” that both parties wanted to protect funds should their marriage not last.
But he explained the media story should also help more people to understand that pre-nuptial and post-nuptial agreements are an extremely useful tool.
Philip said: “You do not have to be a celebrity or have vast wealth to need or benefit from such an agreement.
“With the number of marriage failures in England and Wales said to be around 33%, many couples worried about the prospect of divorce are considering pre-nuptial agreements.
“For wealthy families, it is often parents who broach the subject first, driven by a desire to protect what they have built up and to ensure their children benefit from their assets rather than an estranged son or daughter-in-law.
“The main function of a prenuptial agreement is to establish what happens if the relationship breaks down and this can be done by ‘ring fencing’ certain assets which one or both parties may wish to protect.
“Typically, these assets are usually properties one party owned prior to entering into the relationship or the potential for inherited wealth that someone may be due or expect to receive in the future.”
Philip pointed out that prenups are not legally binding in England and Wales, but that providing they are properly prepared they are very persuasive to a court looking at the division of assets in a divorce.
Philip said the best ways of ensuring a prenup is upheld include:
- Entering into it well before the wedding – ideally at least 28 days before.
- Both parties receiving independent specialist advice.
- Entering it freely, with fair provision for both parties and both properly understanding its content and meaning.
- Full financial disclosure provided by both parties.
- Making sure it provides for future children and does not prejudice the requirements of any child.
Philip added: “It’s very important that couples take specialist legal advice before a pre-nuptial agreement, as there is no ‘one size fits all’ approach.
“It is also worth noting that unmarried couples who may not be considering marriage but are considering living together can also enter into a similar agreement, known as a cohabitation agreement.”
Thursfields offer agreement advice
For more information concerning pre and post-nuptial agreements, cohabitation agreements, divorce, financial remedy and children matters, contact Philip Rea or any of Thursfields’ family law team via 0345 20 73 72 8 or by emailing email@example.com.