Planning For Forever: Why The Conversation Around Prenups Is Changing
With wedding season in full swing, couples across Northern Ireland are thinking about venues, outfits, guest lists and honeymoons – but probably not divorce. However, attitudes towards pre-nuptial agreements appear to be changing.
Recent BBC coverage has highlighted the growing interest in prenups among Gen Z, with younger couples increasingly open to discussing how their finances and assets would be dealt with if their marriage were to break down.
This reflects a wider societal shift in how prenups are viewed. Once largely associated with celebrities and the very wealthy, they are now increasingly seen as a practical part of financial planning before marriage.
For some younger couples, the conversation is less about anticipating divorce and more about being transparent about money, financial independence and what each person is bringing into the marriage.
Planning for forever doesn’t mean planning for divorce
There can still be a perception that asking your partner to sign a prenup somehow signals a lack of confidence in the relationship.
For many couples, however, the intention is quite the opposite.
As unromantic as it sounds, marriage is a significant financial as well as personal commitment. People may be bringing a property, savings, investments, a business, an inheritance or pension provision into the relationship. They may also have children from a previous relationship or financial commitments which they want to take into account.
Having an open conversation about these matters before getting married can provide greater clarity for both parties.
As Bethan Ratcliffe, Associate in the Family Law team at Wilson Nesbitt, explains:
“No one gets married expecting to divorce, and discussing what would happen if the relationship broke down can understandably feel uncomfortable. But a prenuptial agreement is not necessarily about expecting the worst. It can be about being clear about what each person is bringing into the marriage and giving both parties greater certainty about the future.”
The conversation may be particularly relevant for couples marrying later in life or entering a second marriage. By this stage, individuals may already have established careers, bought property, built up pensions, accumulated savings or investments, or have business interests and family wealth to consider.
There may also be children from previous relationships, making financial planning more complex.
Plan your prenup
One of the most important points for couples considering a pre-nup is that it should not be left until the last minute.
Both parties should have independent legal advice, and there should be appropriate financial disclosure so that each person understands the circumstances in which they are entering the agreement. The agreement should also be entered into freely and without pressure.
In practice, that means a prenup should be considered well in advance of the wedding rather than becoming a last-minute item on the final-week checklist.
Our 2023 guide to how prenuptial agreements work in Northern Ireland explored some of the practical questions couples often have, including what a prenup can cover, what can make an agreement ineffective and why independent legal advice matters.
That guide was written by Ciara Brolly, Senior Partner and Head of our Family Law Team. The growing number of enquiries we’re seeing today reflects the depth of experience across the whole family team, from Director to Associate level and the fact that this is now a conversation clients raise with confidence.
Since then, the wider conversation around pre and postnuptial agreements has continued to evolve.
Already married? A postnup may still be an option
Missing the opportunity to put a prenup in place before the wedding does not necessarily mean the conversation has to end.
A postnuptial agreement can be entered into after marriage and can provide an opportunity for couples to set out their intentions regarding their financial arrangements.
Postnups can also be relevant where circumstances have changed or where a couple who did not initially enter into a prenup later decide that it would be sensible to do so.
We are seeing increasing interest in post-nuptial agreements, particularly among those marrying later in life or entering second marriages.
They can also be revisited as family circumstances change. The arrival of children, for example, may alter financial needs and priorities and can be an important reason to review arrangements previously put in place.
Are pre and postnups legally binding in Northern Ireland?
This is one of the most common questions clients ask.
Prenuptial agreements are not legally binding in this jurisdiction, however they do carry more weight in court, and ever increasingly so, since the judgement in the Supreme Court case of Radmacher v Granatino.
The circumstances surrounding the agreement are very important. Independent legal advice, proper disclosure, freedom from undue pressure and fairness are all important considerations. The needs and welfare of children can also affect the weight given to an agreement.
The exact terms will depend on the individual circumstances of the couple, but agreements can address a range of financial matters, including:
What can a pre or postnup cover?
- property
- savings and investments
- pensions
- business interests
- inheritances
- income
- debts
The purpose is not to produce a one-size-fits-all document, but to reflect the couple’s own financial circumstances, intentions and future plans.
A conversation worth having
Every couple’s situation is different, and the right approach depends on your individual circumstances. If you are thinking about a pre/postnuptial agreement, our Family Law team can talk you through how the process works, what it costs and what to consider before you start.