Britney Spears and her fiancé, Sam Asghari, recently tied the knot and reportedly entered into a Prenuptial Agreement before their wedding on 9th June 2022. It is suggested that, within the Prenuptial Agreement, Britney will keep all the wealth that she amassed prior to the date of their marriage. For context, Britney Spears is currently worth an estimated $60 million. Her now-husband, Sam, joked, “Of course, we’re getting an iron-clad prenup to protect my jeep and shoe collection in case she dumps me one day”.
Prenuptial Agreements are, perhaps, familiar territory for those who move in the A-List celebrity world, but they are by no means exclusive to it. If you are due to be married, a Prenuptial Agreement might be something that you and your spouse-to-be would also like to consider.
UPDATE Nov 2023: Britney and Sam have now split up and no doubt any Prenuptial Agreement which they may have entered into will be scrutinised by their respective lawyers.
Here, we answer some questions that you may have about Prenuptial Agreements.
What is a Prenuptial Agreement?
A Prenuptial Agreement, or “Prenup”, as it is commonly known, is a written contract between two people before they enter a marriage. The contract typically sets out how the couple would wish for their assets to be divided between them if they later divorce. Some Prenups also contain details on how the couple will arrange their finances during the marriage.
What is a Postnuptial agreement?
A Postnuptial agreement is a legal agreement by which a couple who are already married enter into an agreement setting out how they would wish their marital assets to be divided between them if they divorce or separate later. Essentially, it is a Prenup after the wedding.
Why enter into such an agreement?
For both Prenuptial and Postnuptial Agreements, the reasons why people may want to enter into one are as follows:
- Certainty– having a written agreement reassures couples who want to formally agree within a contract how their marital assets are to be divided on a potential breakdown of their marriage.
- Protection– a Prenup can be used to protect financial assets, for example inherited wealth, or property acquired before marriage, from later financial claims upon divorce.
- Clarification– this may allow a financially weaker party feel more secure within the marriage.
- Reduce Costs– if agreement is laid out now, at a time when two people are content in their relationship and can look at matters sensibly and pragmatically, this will hopefully limit financially costly and emotional court proceedings in the event of a future marriage breakdown.
Are they enforceable?
Currently, Pre and Postnuptial Agreements are not legally enforceable in England and Wales. However, in 2010, the Supreme Court made a decision that paved the way for future Pre and Postnuptial Agreements. Katrin Radmacher and Nicolas Granatino sought a divorce and financial settlement on their marriage breakdown and the Supreme Court decided that the Prenup entered into by them ahead of their marriage should be given “decisive weight” when the court divided their marital assets on divorce.
Before this case, Pre and Postnuptial agreements were, for the most part, viewed as only being persuasive by the courts. However, after the ruling in Radmacher v Granatino, the emphasis placed on such agreements by the courts is now much more significant. This case has established that the legal test regarding Prenuptial agreements is that if the agreement was entered into freely, then it will be upheld, as long as it is “fair” and the people entering into the agreement knew what the implications would be and both took independent legal advice. Although a spouse can contest a Prenup, there must be legitimate reasons for this to be considered by the court.
Conclusion
As the Law surrounding Divorce has recently changed to remove the need to prove “fault” of one spouse to secure a divorce, more and more people are minded to try to resolve their financial matters amicably, without the need for extensive court involvement. A Pre or Postnuptial Agreement is one way of increasing the chance of this being successful in the future.
If you are thinking about drawing up one of these agreements, either with your current spouse, or your spouse-to-be, then contact us on 01244 312306, or law@oliverandco.co.uk, to book a FREE 15-minute consultation with one of our Family Solicitors, who can provide further information.
