Pre-nups and Post-nups: No longer the preserve of the rich and famous

At Ribet Myles we have years of experience across the team with a track record of handling complex family law cases. We recently spoke to The Independent for their feature as they explored the world of super-rich pre-nuptial agreements. No longer the preserve of the rich and famous, pre- and post-nuptial agreements are increasingly common, and they can carry decisive weight in court. Here we explain how pre-nups and post-nups work, what to avoid – and why they’re not just for the rich and famous.

Newsworthy pre-nups and post-nups

In their article, ‘Murdoch millions and Zuckerberg date nights: Pre-nups are routine for the super-rich… are we next?’ The Independent unpacked some of the recent and most famous examples of pre-nuptial agreements that we have seen in the media. Stories of the divorce, separations and also uncouplings of the ultra-famous from individuals like Rupert Murdoch and Mark Zuckerberg have been making headlines recently. In their article they explored the future of this often-maligned process between couples and invited Ribet Myles founder and partner, Alistair, to share his comments and insights and in particular his experience with high-net-worth pre-nuptial agreements.

Alistair Myles, Ribet Myles founder and partner

What are pre-nups and post-nups?

Pre- and post-nuptial agreements are increasingly common for those looking to safeguard assets and achieve a certain amount of financial certainty should a marriage breakdown or divorce occur in the future. The pre-nuptial agreement is a document signed before a marriage, which can seek to safeguard an individual’s assets in the event that the marriage ends in divorce, or to set out what financial arrangements are to be made in the event of a divorce.

Of course, as a couple are embarking on the start of married life together, it can be quite jarring to be thinking about the distribution of assets after divorce, especially when a marriage is only just beginning. Nevertheless, they are increasingly being perceived as less ‘cold’ and more as a form of insurance to make what could be a difficult and acrimonious process much easier, especially under the already stressful and upsetting circumstances of divorce, separation and dissolution.

In the event that a pre-nup is not signed or perhaps not even considered before a couple get married, there is still the option of a post-nuptial agreement for the couple after marriage, to safeguard assets in the event of a future separation. Circumstances of individuals may change, for example, there may be a large inheritance due to one to party and they now want to protect those assets they are due to inherit in the event of a split. With a post-nuptial agreement there is time for the couple to discuss and come to the decision together, which will also give the best chance for it to be upheld if the day comes that it needs to be relied upon.

Pre-nups – what to watch out for

Despite this softening in opinion towards the process, there are still some important things to be aware of. For example, the case that a pre-nup requires a mutual agreement on what is needed from both parties to be successful, as Alistair outlined in his comments in The Independent;

“If the terms of the pre-nup meet the needs of the couple, it will usually stand up. Need, though, can be difficult to quantify. “It’s a question of what’s a reasonable figure for a house?” says Alistair Myles, founding partner at Ribet Myles LLP. “Do they need £5m, £20m? Do you need a swimming pool?” Divorce cases that usually get into the press, he adds, “are normally the ones where one party is saying, ‘let’s stick to the pre-nup’, and the other one is saying, ‘well, hang on a second – that’s not fair’”.

Another factor in the success of the pre-nuptial agreement is in both parties being aware, willing and ready to enter into the agreement. Anyone entering into such an agreement must do so with their eyes open and in full understanding of the consequences of the agreement. It’s more likely that the wealthier partner will be the driving force behind a pre-nuptial agreement, however forcing this on their partner at the last minute is not a good idea as Alistair recalls,

‘Of course, things don’t always pan out that way. “I did a case years ago, where they were getting married on the Saturday and they had a big evening party for the guests the night before at Babington House,” Myles recalls. “I think the husband-to-be suddenly whipped out this piece of paper from his lawyers and gave it to his wife to sign. Obviously, that one did not get upheld.”’.

Considering a pre-nuptial or post-nuptial agreement 

Whatever the circumstances a couple may be faced with, pre-nups and post-nups are increasing becoming part of the common language for couples and it is clear that this process is not simply one reserved for celebrities and the ultra-wealthy.

There are many advantages for a couple to enter into a pre or post nuptial agreement and at Ribet Myles, our worldwide network of family law experts are here to help you with every step of the process.

We’re experienced in negotiating and drafting pre- and post-nuptial agreements to protect individual or family assets and finances, whatever the level of complexity. We provide specialist advice to fit your situation and financial circumstances, and seek to ensure that each agreement is fair.

To find out more get in touch with us to speak to a member of our expert team and find out how we can help you.