Pre-nups are not just for Jerry and Rupert

The marriage of Jerry Hall and Rupert Murdoch on 4^th March 2016 certainly attracted a lot of media attention.

The couple had been together for a short time before they announced their engagement. Media mogul Rupert is 84, Texan born model Jerry is 59 an age gap of 25 years. Between them they have 10 children; a number of whom are famous in their own right. Rupert is thought to be worth about £8bn; Jerry around £10million.

Neither Jerry nor Rupert are strangers to the Family Court. It is Rupert’s fourth marriage and technically Jerry’s first. Her previous “marriage” to Mick Jagger was declared null and void by the High Court in 1999, 9 years after the marriage ceremony and after 21 years together.

In view of their colourful pasts and Mr Murdoch’s great wealth it would appear that he would have insisted upon a pre-nuptial – also called a pre-marital – agreement.  Whilst it is not known whether such an agreement is in place, we do know that Mr Murdoch did have pre-nuptial agreements with his previous wives.

A pre-nuptial agreement is contract between two people who intend to be married and regulates what will happen to their property in the event the marriage breaks down. Pre-nuptial agreements are very common in other legal jurisdictions and are becoming more increasingly popular here.

Under English law pre-nuptial agreements are very likely to be binding provided they fulfil the following conditions:

1. The agreement was freely entered into; and
2. The parties have a full appreciation of the implications of the agreement i.e. they have both had legal advice; and
3. In the event of marriage breakdown, it meets the reasonable financial needs of the couple and any children.

Whilst Rupert and Jerry are the type of people usually associated with pre-nuptial agreements, they are very relevant to people of more modest means. A pre-nuptial agreement can provide security and protection for people about to get married who wish to ensure that they know what would happen if the marriage did not work out.

For those getting married for a second time, perhaps later in life where there are grown up children, a prenuptial agreement can provide peace of mind to all concerned.

Other common circumstances in which a pre-nuptial agreement may be appropriate is if one party may wish to protect any money they receive by way of an inheritance, or if they have paid a deposit on a house. Pre-nuptial agreements can be very flexible, for example, they can be time limited or cease to have effect if children are born.

Whilst pre-nuptial agreements may not be the most romantic of notions, they can save a lot of uncertainty, heartache and legal costs, should the marriage end in divorce. They are certainly not just for the likes of Jerry and Rupert.