Prenups, or why marry at all?

PaulMike

Hi all,

As I started getting a hint that tying a knot is not as a simple procedure as I initially thought (see previous post), I continued my research into the legal aspects of marriage. Came across some eyebrow-raising facts.

1. Over half of marriages in England eventually break down. Promises to love forever vs cold-hearted science of statistics.
2. Schools kind of teach you basic finance, and high-street banks show you mortgage repayment scenarios at unreal 11% base rate, but both fail to mention that you are a lot more likely to suffer financially due to a divorce.
3. The 50-50 split of assets upon a divorce is a thing of the past. The partner who contributes the least assets and income during marriage is likely to get more than half of assets and a finite or an indefinite maintenance. A so-called needs-based assessment. Don't get me wrong, I appreciate partner's contribution who chooses to stay at home, look after kids, forgo career etc.
4. People who got married 15-20 years ago and don't have prenups simply face a completely different legal environment today.
5. Prenups are considered, but still are not enforceable. Any material change of circumstances, such as a new kid, or a deterioration in one's health mean pre-marriage assets are more likely to go into the shared basket (and are allocated to dependants and the partner with lower earnings).
6. Prenups are not cheap! Ideally both parties have a solicitor. I had quotes as high as £2,000 (self) + £1,000 (her) + VAT for a straightforward agreement. In the end found one with a total quote just under £1,000.

Soberly looking at the bullet points above begs a question: why get married at all?

DavidT67

In brief, reasons to get married ; Death, Finance/Taxes, Children, Property, Immigration.
In all of these you have more rights than if just living with someone.
I'm sure others will expand on the details.

PaulMike

Tax benefits for couples are next to non-existent in this country.
The impact on finances I explained above.
Everything else from the list above bar immigration can be achieved without being legally married.

Mojisola

PaulMike wrote: »

Tax benefits for couples are next to non-existent in this country.

Inheritance tax.

PaulMike

Not applicable to younger generation.

Well, this is fun. Only traditional/emotional reasons remain?

Mojisola

PaulMike wrote: »

Not applicable to younger generation.

Don't young people ever die?

Gloomendoom

PaulMike wrote: »

Not applicable to younger generation.

Well, this is fun. Only traditional/emotional reasons remain?

There's more than one thread on here where, following a break-up, somebody has regretted not getting married.

Having said that, my decision to get married was purely emotional.

System

Prenups, or why marry at all?

Has it not occured to you that some people marry because they are in love and want to get married.

haras_nosirrah

making each other next of kin in terms of health decisions, pension rights, family unit when you have children, inheritance

and I don't know... love maybe?

onomatopoeia99

haras_nosirrah wrote: »

making each other next of kin in terms of health decisions

Next of kin has no legal definition in the UK, being married does not change this (though it is a myth pedalled on this forum a lot).

One can nominate anyone as next of kin, they do not need to be a spouse, partner or even a relative. Further, the next of kin gets no legal rights in making medical decisions, they just get information. Doctors make medical decisions about patients.

PaulMike

Mojisola wrote: »

Don't young people ever die?

Do they ever inherit anything of value?