Why Yorkshire couples are increasingly turning to prenuptial agreements - Sarah Ward
Wedding season is on the horizon, and many couples are making final arrangements for their big day. But beyond venues, flowers and guest lists, growing numbers are also considering the legal implications of marriage or cohabitation.
Yorkshire couples are increasingly turning to prenuptial agreements and cohabitation contracts to protect their financial futures, as shifting attitudes to marriage and legal reforms put these agreements in the spotlight.
Once considered a niche arrangement for the rich and famous, prenuptial agreements are now gaining mainstream acceptance.
A recent YouGov survey found that 55 per cent of Britons support prenups – up 13 per cent from two years ago – suggesting a cultural shift in how couples view financial planning before marriage.
The agreement provides clarity and peace of mind when entering married life, by outlining how such assets should be divided in the event of divorce or dissolution, helping to manage expectations and prevent legal battles.
This reduces the risk of lengthy disputes should the relationship break down.
We are seeing a noticeable increase in Yorkshire couples considering prenuptial agreements, particularly where one or both partners have existing assets, a business, or children from previous relationships.
Cultural shifts in our approach to marriage are driving this.
In the UK, people are getting married later than ever – the average age to get married is now well over 30 – so spouses are more likely to have accumulated savings and assets before tying the knot, according to the Office of National Statistics (ONS).
With over 40 per cent of marriages ending in divorce, taking precautionary action to protect your finances through a prenup isn’t an extravagant measure. For many, it’s become an important way of future proofing and managing risk.
While prenups are not automatically enforceable under current English law, legal experts anticipate a move towards their recognition, with proposals from the Law Commission to give them greater legal weight. This is a global trend, with countries including Australia, Belgium and Canada allowing legally enforceable prenups.
Prenups are about far more than protecting money in the bank, they can cover an extremely wide range of assets and liabilities. The most common areas to include are savings and property, but any area of your finances can be covered by an agreement.
Investments and inheritance are often included, so a spouse can retain control of any potential future capital.
Prenups can cover liabilities, as well as assets, protecting you from legal responsibility for your spouse’s debts.
Every agreement should be bespoke, taking your personal circumstances, assets and liabilities into account. There is no one size fits all approach.
Alongside the rise in prenups, cohabitation agreements are also increasing in popularity in Yorkshire and in the rest of the UK. According to YouGov, nearly a third of unmarried Brits don’t want to tie the knot, with many preferring to live together unmarried, also known as cohabitation.
Cohabiting couples are now the fastest-growing family type, but many are unaware that, even if they have lived together for years, there is no such thing as 'common law marriage' in England and Wales.
Many unmarried couples assume they have the same legal protections as married couples, but this is not the case. Without a cohabitation agreement in place, one partner could be left financially vulnerable if the relationship ends.
A cohabitation agreement allows couples to define their financial arrangements, including property ownership, contributions to household expenses and financial support in case of separation. Like a prenup, couples can choose which assets to include and exclude, but if you later choose to get married, couples will need to enter into a prenup to provide the same level of protection.
With the government considering reforms to improve cohabitees' rights through the Cohabitation Rights Bill, legal recognition of such agreements could become even more important.
As attitudes shift and legal changes loom, at Ramsdens Solicitors we advise couples to be proactive in discussing financial protections before marriage or cohabitation.
No one enters a relationship expecting it to end, but having a clear agreement in place can save significant stress and financial uncertainty in the future if it does.
Whether you're getting married or moving in together, taking legal advice early ensures both parties are protected – giving you peace of mind as you start your next chapter.
Sarah Ward is partner and head of family law at Ramsdens Solicitors.