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Pre-Nuptial Agreements Under the Spotlight

One of the world’s wealthiest business men Khoo Kay Peng (aged 74) the billionaire Chairman of Laura Ashley is currently going through the same stressful procedure that many divorcing couples in the UK experience. Whilst his case involves his estranged wife reportedly seeking a £500 million settlement, the case is important for most of us as it highlights the need for an effective, sensible way to protect assets from a family breakdown.

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The law is set for a revolutionary change following publication of the Law Commission’s report which recommended that Parliament enact legislation to make qualifying nuptial agreements binding. Whilst it has to be accepted there has been no official word from Parliament as to when and how the recommendations may be implemented, there is a heightened awareness of the need for people to be able to have an effective and sensible way to protect their assets and hopefully the law appears to agree.

Protect Inherited Wealth

Pre nuptial agreements can help couples record and document their wishes in respect of how they would like their property to be divided in the unfortunate event of a breakdown of their relationship. It is particularly useful for a family which wants to protect inherited wealth. It should not simply be seen as an issue to be avoided at the beginning of a couples nuptials, but more of an insurance policy for the future in the unfortunate event that the relationship breaks down.

What is becoming more common is the number of people wishing to engage in planning for their marital future, in the same way they would consider other advice in relation to their personal affairs.