Firm News
British Public Favour Pre-Nuptial Agreements
| Release Date: |
29 June 2005 |
New research from leading law firm Mishcon de Reya shows that the British public recognise the benefits of pre-nuptial agreements. Sandra Davis, Head of Family Law at Mishcons is encouraging couples to heed the common sense views of the population and, prior to marriage, enter into pre-nuptial agreements in an effort to avoid the high financial and emotional cost of the fall out on divorce.
With 166,700* marriages ending in divorce every year and the cost of divorce now averaging as much as the wedding day itself, couples are realising the value of planning ahead, according to new research from leading law firm Mishcon de Reya.
Despite husbands largely being viewed as the traditional breadwinner, almost as many women (46%) as men (48%) are prepared to sign a legally binding pre-nuptial agreement to safeguard their assets before getting married, according to the poll.
Prenuptial agreements do not currently have the force of the law, however they are a factor the court is likely to take into account when considering divorce proceedings, as long as the agreement has not been signed under duress and both parties have made a full and frank disclosure having had independent advice. Head of Family Law at Mishcon de Reya, Sandra Davis is keen for couples to rather “be safe than sorry” and to draw up a pre-nuptial agreement prior to marriage.
The nation’s growing support for pre-nuptial agreements follows a number of high profile divorce cases, including that of footballer Ray Parlour’s ex-wife who won a legal claim to more than a third of his future earnings.
Significant numbers of recently divorced couples interviewed by Mishcon de Reya revealed that their divorces would have been swifter (14%), more amicable (21%) or less costly (21%) had they signed a pre-nuptial agreement.
Nearly half of the ex-wives questioned in the poll (44%) claimed they had suffered as a result of the financial settlement while more men than women said their divorces would have been less costly had they signed a pre-nuptial agreement.
Sandra Davis of Mishcon de Reya wants couples currently planning their weddings to consider drawing up agreement through their lawyer for the court’s consideration in the event of the demise of their relationship.
Sandra said: “Pre-nuptial agreements are not just about the very rich protecting their assets. More than 42% of divorcees think their settlement was unfair and a significant number believe that a legally binding pre-nuptial agreement would have made the divorce process easier, less costly and less bitter.
“It may not sound romantic but a pre-nuptial agreement forces couples to prepare for the practicalities if things do go wrong later on and can also help prospective marriage partners to appreciate each others’ attitudes to money, one of the major causes of break ups in the UK.”
2038 people interviewed online in February 2005. Results are not weighted.
* Source: Divorces granted in the UK in 2003, National Statistics