Microsoft founder and one of the wealthiest men in the world, Bill Gates, recently announced that he and his wife of 27 years, Melinda, are to divorce.
Despite the wealth amassed by the duo over the years, the couple’s separation appears to be progressing on an amicable basis, with news that they are committed to continuing to work together, and reports suggesting that Bill did not have a pre-nuptial agreement in place prior to the marriage.
In reality amicable divorces are difficult to obtain, particularly when, unlike Bill, there is not enough money to go around. While they may not seem like the most romantic activity to undertake as part of your wedding planning, this is why it is always advisable to make a pre-nuptial agreement before entering a marriage.
What a pre-nuptial agreement is and why you should have one
A pre-nuptial agreement is a legal agreement that sets out how assets should be divided in the event of a divorce.
If you and your partner have married before and built up your assets, brought certain assets to the marriage or are likely to inherit assets that you want to protect, this kind of agreement can ensure this is taken into consideration should the marriage or civil partnership break down.
This can help minimise conflict during the divorce process and ensure your separate assets and property are treated differently from those that were built up during the marriage.
What happens if you don’t have one
If you decide not to get a prenup, all collective assets become matrimonial assets once you are married and are thrown into a single financial pot. Therefore, if you and your partner split and cannot reach an agreement on how to divide your assets, the dispute will end up in court where a judge will control how they are distributed, and the decision will be taken out of your hands. This could potentially result in your assets being split evenly between you and your spouse, including those assets that you have brought into the marriage.
Not only that, going to court will be expensive, whereas getting a prenup written by an experienced family lawyer is a much smaller price to pay for protecting your pre-marital assets as much as possible.
We can start helping you today
Our family lawyers have decades of experience helping couples start their lives together in an open and honest manner, qualities that we place at the centre of everything we do at Blaser Mills Law. We’ll present you with a clear framework for getting the result you want, and make sure it is legally robust.
Speak to one of our family and divorce lawyers about any matters relating to pre-nuptial agreements. Contact Lucinda Holliday or one of the team members on +44 (0) 1494 478 603 or email ljmh@blasermills.co.uk.