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. 174