Family lawyer and prenuptial agreement specialist Andrew Ormrod at Slater and Gordon explains how to protect your family in the event you marry again later in life

Remarriage in later life is certainly a time for celebration. Two people having found each other in their older years, committing to what will hopefully be a retirement of happiness together. Very often, it is also the union of two extended families, comprising children, grandchildren, and sometimes great-grandchildren.

Both halves of the couple will come into the marriage with assets built up during their lifetimes – money, property, pensions and precious possessions are what will most commonly be owned. But there could also be business ownership, shareholdings, perhaps one or both parties continue to hold senior roles in an organisation if they are still of working age.

The total assets accrued during decades of work, perhaps also inherited from a person’s own parents or wider families, can amount to a very significant sum. The intention of amassing wealth is most usually to pass that on to a person’s own loved ones, to ensure they can be as financially secure as possible for their futures.

However, while remarriage will hopefully last forever, we know that sadly is not always the case, and events do take place which will result in divorce. In planning for every eventuality, both spouses really do need to discuss this unfortunate scenario – and how to protect their own families should this become reality. In this situation, a prenuptial agreement can be very important – and while many people think their Will is sufficient to protect their family, this is not the case in the event of a breakdown in the marriage.

While a Will is a very important document to set out your wishes upon your death, and should definitely be updated upon remarriage, this will apply after a person has passed away. So if a wife dies before her husband, and she has specified in her Will that her assets and share of anything jointly owned will pass to her own children, that will take effect. It may be the case that the surviving husband can remain in the property until the event of his death, but then the division of assets will take place as planned.

But in the event of the breakdown of a remarriage, a Will is not sufficient. Upon marriage, assets become shared, meaning that if the worst did happen, both spouses could have an equal right, with the point of division starting at a 50/50 split. If one brings significantly more to the table financially than the other, then this can be a particularly difficult situation. Business ownership may also be included, if specific preventative planning steps have not been taken.

While, for example, a wife may want assets she has brought to the marriage to go to her own children and grandchildren – the husband’s right through marriage is that he is

entitled to at least a share of that if a divorce takes place. This can be devastating to families who have been confident of their future financial security and of inheriting sentimental possessions, which could well be lost in a divorce settlement.

For couples who want to set out the way forward in the event of a split, a prenuptial agreement is a very good idea. By essentially ringfencing assets and specifying who will retain what, this can help to put safeguarding measures in for each side of the family in case things aren’t as everyone hoped. While prenuptial agreements are not legally binding in the UK, they are increasingly being taken into account by a Court in the event of a divorce. Every case is considered individually, but in a growing number of divorces – several of which have been high-profile – where a prenuptial agreement has been involved, the Judge has been minded to act in accordance with what has been set out.

By taking such pre-emptive action to protect your family, this can help ensure that their own inheritance and future plans can be unaffected as much as possible by what happens in the event of their parent’s or grandparent’s divorce.

Family Law Solicitors | Family Lawyers | Family Law Firm UK | Slater + Gordon

To speak to Andrew about protective planning, contact him on andrew.ormrod@slatergordon.uk or 0330 995 6772