It is now just 6 weeks until the wedding of the year as Prince Harry prepares to marry Meghan Markle on the 19th May. Whilst there are undoubtedly numerous additional things to consider when preparing for a Royal Wedding, there are some issues beyond what colour scheme to have which everyone should take into account when getting ready to tie the knot.
It can seem strange or cynical, during the build up to a wedding, to consider what would happen in the event of the couple’s separation but entering into a pre-nuptial agreement is becoming increasingly common as people try to protect assets that they have acquired prior to their marriage. Given the wealth and status of Prince Harry, and also the wealth of Meghan herself, it may be that they choose to enter into such an agreement prior to the 19th May. A pre-nuptial agreement would detail how Harry and Meghan’s assets, and potentially their income, are to be divided in the event of their separation.
Whilst their assets may be far greater than most of ours, it is always wise to consider whether a pre-nuptial agreement would be desirable as it can reduce the stress and acrimony of attempting to come to an agreement after the breakdown of the relationship.
Technically, pre-nuptial agreements are not legally binding in the UK, however, a recent decision of the Supreme Court states that they will be given ‘very great, if not decisive, weight’ on the basis that certain criteria are fulfilled.
The starting point is that the pre-nuptial agreement cannot undermine the needs of either party, i.e. if enforcing the agreement would mean that one party’s needs in terms of housing were not met then the agreement would not be upheld.
In order to give their pre-nuptial agreement the best chance of standing up in Court, Harry and Meghan would need to jump through a number of hoops for it to be considered a ‘qualifying nuptial agreement’. The agreement itself must be:
Contractually valid and enforceable
Made by deed
Signed by each party, to confirm that they understand that the agreement will limit the claims that they may be able to make upon divorce
Made more than 28 days prior to the date of marriage or civil partnership
Both parties must also provide disclosure of material information in regard to their finances and have received independent, separate legal advice on the document.