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Recent data from the Office of National Statistics highlights that the marriage rate for women over the age of 65 has increased by 56% in recent years, suggesting that, for some, marriage is as much about financial security as it is about love.
One of the biggest financial concerns facing couples who decide to marry or remarry in later life, is the extent to which their existing assets may become part of the new marriage’s matrimonial assets in the event that one party dies or files for divorce.
The decision, therefore, about whether assets should be kept separate or shared with a new partner, should be considered very carefully at the outset. One way of increasing the likelihood of keeping that pre-marital assets separate, is through a pre-nuptial agreement.
Despite their somewhat transactional and unromantic reputation, pre-nuptial agreements are becoming increasingly popular in the UK and are often found to provide clarity.
The Supreme Court decision in Radmacher v Granatino [2010] UKSC 42 in October 2010, decided that the court will uphold the terms of a pre-nuptial agreement that is freely entered into by both parties with a full appreciation of its implications, unless it is found to be unfair.
There is no doubt that getting married can bring with it a number of financial benefits, however, it is vital to obtain the correct advice from the get go so that you are able to identify what these are and avoid any difficulties that can arise from its early demise.
To find out more, please contact Christian Abletshauser
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