It’s not exactly romantic, but a pre-nuptial agreement could save a lot of heartbreak in the long-term

Planning for the divorce before you get married is, for many, unthinkable. Safeguarding against financial loss is regarded as the preserve of the stinking rich. However, with two in five marriages ending in divorce in this country it might be wise to take precautions.

Although pre-nuptial agreements are not yet legally binding in Britain there are proposals to change the law. Some judges already take pre-nuptial agreements into account when ruling on divorce settlements. It’s often the dividing up of spoils that causes most conflict in a break-up. What most couples, and women in particular, do not realise is that, if a break up turns sour, they have much more to lose than they think. That favourite armchair or chipped mug can become a bone of contention in an acrimonious split. A pre-nuptial agreement allows both parties to agree on a fair and acceptable division of property, personal possessions and financial assets.

Celebrities have quickly wised up to the benefits of signing on the dotted line: Michael Douglas and Catherine Zeta Jones recently agreed on a private settlement after she was rumoured to have asked for $3 million for every year they are married plus a free home. Douglas was naturally reluctant having reportedly paid out $40 million to his ex-wife.

Scary Spice Melanie Brown ignored her mother’s advice and resolutely refused to sign a pre-nuptial agreement before her marriage to dancer Jimmy Gulzar. He now wants a reputed £3 million of her estimated £20 million fortune.

But celebrities have megabucks to lose. Is it really worth sacrificing trust and romance for the CD collection and the family dog – especially as there is no guarantee a pre-nuptial agreement will be recognised in court?

Next page: The legal perspective

‘It’s a commonly held view that pre-nuptial agreements are only for the Michael Douglases and Catherine Zeta Joneses of this world but they have as much validity for the likes of you and me,’ says family lawyer Lucy Winskell, from Eversheds in Newcastle. ‘A pre-nuptial helps to produce clarity and allows couples to have some certainty with regards to things like the family home and life policies.’

Winskell welcomes proposals to make pre-nuptial agreements legally binding in Britain: ‘I think it’s a good thing that we are moving forward. Recently, one or two judges have been paying attention to pre-nuptial agreements although they still must take all circumstances into account.’

‘The proposals to introduce pre-nuptial agreements include certain conditions. Both partners will have to seek independent legal advice and there is a cooling-off period to make sure both parties are happy with the conditions. However, I think there has to be a let-out clause for these agreements should the circumstances change drastically, such as the birth of a child.’

The image of a pre-nuptial agreement as a rich man’s protection from a gold-digging young wife is also changing. ‘I think it’s a good thing for both men and women,’ says Winskell. ‘More and more women are working nowadays and are often in an equal or even better financial position than their male partners.’

As frightening and as unromantic as it may seem, a pre-nuptial agreement will put minds at ease rather than create suspicion. For most married couples it will be a simple matter of keeping separate bank accounts or agreeing on how to divide up property equally in the event of divorce.

After all, it can’t be love and roses all the way.

Further information: Lucy Winskell is the head of North East Private Capital and a family lawyer with Eversheds, Newcastle: 0191 261 1661. Or contact the Solicitors Family Law Association: 01689 850227