It’s been ten years since a German paper heiress had her premarital agreement (PMA) approved by the highest courts in England.
The decision of the Supreme court in 2010 effectively changed the way that our family courts treat PMAs and, in turn, the way we advise our clients who are about to marry and seek our advice on the necessity of a PMA.
It is perhaps fair to say that you are now more likely to have heard about PMAs, probably by the name of a prenuptial agreement/prenup, than you would have been in 2010. The reality in 2020 is that they are no longer just for the rich and famous with millions in the bank but for people who perhaps have children from previous relationships, a family business they wish to protect or an inheritance received. Whilst premarital agreements are not automatically enforceable in England and Wales the courts are increasingly likely to hold the parties to them.
Our family team have certainly drafted many more PMAs in the last decade than in the ten years before but are still often faced with the question: are they worth it?
In most circumstances, the answer is yes. If you are thinking about a PMA, some key points to consider are:
However, in some instances we wouldn’t advise our clients to sign a PMA. For example, our clients that may be the weaker financial party may not see any benefit of signing an agreement. If you are thinking about a PMA please get in touch for an initial conversation and further information on whether a PMA might be right for you.
|cookielawinfo-checkbox-advertisement||1 year||Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .|
|cookielawinfo-checkbox-analytics||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".|
|cookielawinfo-checkbox-functional||11 months||The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".|
|cookielawinfo-checkbox-necessary||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".|
|cookielawinfo-checkbox-others||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.|
|cookielawinfo-checkbox-performance||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".|
|_ga||2 years||The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.|
|_ga_X54Z5K1MMY||2 years||This cookie is installed by Google Analytics.|
|_gat_gtag_UA_162537196_1||1 minute||Set by Google to distinguish users.|
|_gid||1 day||Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.|
|_fbp||3 months||This cookie is set by Facebook to display advertisements when either on Facebook or on a digital platform powered by Facebook advertising, after visiting the website.|
|fr||3 months||Facebook sets this cookie to show relevant advertisements to users by tracking user behaviour across the web, on sites that have Facebook pixel or Facebook social plugin.|