insideKENT Magazine Issue 65 - August 2017 | Page 174
LAW
ADVERTISEMENT FEATURE
Alex Davies
ARE PRENUPS
WORTH THE COST?
Alex Davies, head of family law at Cripps, explains why an
investment up front can pay off.
Summer is that time of year when the finishing touches are being put
to engagement or marriage plans. We also find that many people’s
thoughts turn to what might happen if the marriage were to break
down. Our team of family solicitors has been busy for a number of
months dealing with the many enquiries we receive at this time of
of year
year
for prenuptial agreements. Everyone wants to know how much they
cost, do they work and are they worth the expense? even more in the final settlement. You could also short circuit the
divorce process by many months.
I always encourage my clients to look at what they are getting for their
money. I have yet to meet anyone who
who has
has gone
gone into
into a a marriage
marriage hoping
hoping
it will end, but if the worst does happen, a prenuptial agreement can
provide much greater certainty on the outcome of a divorce. I would always advise consulting with a specialist family solicitor. The
process of actually preparing the prenuptial agreement itself and the
written advice to go with it usually costs between £5,000 and £10,000.
That may sound like a lot of money, but a prenuptial agreement works
much like an insurance policy – you hope that you will never need it,
but will be glad you bought it if you do.
While prenups are not automatically legally binding, they are highly
highly
persuasive and the press has reported on many cases in recent years
where the courts have upheld the prenup terms. And the reason for
this is simple – the law is clear that,
that, if
if you sign
sign up
up to
to a a properly
properly prepared
prepared
prenuptial agreement before a marriage, you must be absolutely willing
willing
to be held to it if the marriage ends.
As with most things there is a wide difference in the cost of preparing
a prenuptial agreement. Some lawyers will
will offer
offer an
an off-the-shelf
off-the-shelf product
product
costing between £1,000 and £2,000. However, I wouldn’t recommend
them because, quite simply, you get what you pay for.
The team of family lawyers at Cripps is committed to helping clients
to plan for the unexpected. For more information contact Alex Davies
on 01892 506326, or [email protected].
For those with wealth to protect, a prenup can guard against not only
the effects of a divorce in the early years of marriage, but sometimes
even a divorce later in life.
About Cripps
Divorce can be expensive for two reasons. Firstly, one party may
may be
be
required to pay a lot of money to the other spouse, which can be a
particularly difficult pill to swallow for those whose wealth was created
or inherited prior to the marriage.
Secondly, legal fees can easily mount up if the couple finds it difficult
to agree on financial arrangements and court proceedings are started.
For most people going through divorce, every pound they pay to the
lawyers is a pound lost to their future or their children’s future. So for
many, the prospect of avoiding a hefty lawyer’s bill is very important.
For the cost of professional legal advice for each spouse and having a
properly formulated prenuptial agreement prepared, you could well
save hundreds of thousands of pounds in legal fees on a divorce and
www.cripps.co.uk
@crippslaw
Cripps is a key regional law firm
serving clients nationally and
internationally from offices in Kent
and London. Recognised
countrywide for both its commercial
and private client work, Cripps is
listed as a top law firm by
eprivateclient. The firm focuses on
wealthier families, entrepreneurial
businesses and the real estate sector.
Find out more at cripps.co.uk
This article gives examples and is intended for general guidance only.
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