If you’ve been following the first series of Love Is Blind UK on Netflix, you’ll be aware that money issues have been a bone of contention among a few of the couples who are preparing to get married just 10 days after meeting.
One of the couples – Freddie Powell and Catherine Richards – have set internet chatrooms alight over the subject of prenuptial agreements.
Freddie’s insistence on getting a ‘prenup’ from his fiancée – whom he has called ‘high maintenance’ – has divided opinions among fans of the TV show, with some saying it is a red flag and others saying it is a sensible step, especially given the lightning fast courtship.
A prenuptial agreement is a written contract which sets out how finances and assets will be divided if the couple divorce or the marriage ends.
While prenups are not legally binding, these agreements – provided they are robustly and professionally drafted – are becoming more recognised and upheld in the courts.
As more people marry later in life or enter second marriages, prenuptial agreements are becoming increasingly common.
The prenuptial agreement should include the following:
- Full disclosure of both parties’ assets and property
- Both parties should receive legal advice
- The agreement should not prejudice any children
- Both parties’ needs should be met
- The agreement should be fair and freely entered into
- Both parties should understand the implications of the agreement
“Some people look upon prenups as cold and unromantic,” said David Anstee, head of family law at KWW Solicitors of East Molesey. “But they should be seen as a kind of insurance policy for those looking to safeguard their pre-marital wealth ahead of walking down the aisle.
“They provide a level of certainty which can give both parties comfort as they set out on their married life. If the relationship does fail, the prenup will reduce the potential legal costs and it can ensure any children of the marriage are always well looked after.”
David said it was important to bear in mind that each party needs to make sure they are legally represented and that the courts will take the length of the relationship into account when considering the prenuptial agreement.
The agreement also need to be in place at least 28 days before the marriage or civil partnership, ideally at least six weeks.