Paul McCartney didn't but more Leeds couples than ever do. Jayne Dawson reports on the rise of the pre-nuptial agreement
More Leeds couples than ever are signing pre-nuptial agreements, according to a Leeds law firm.
These couples are trying to protect themselves in a way that romantic former Beatle Paul McCartney didn't by deciding in advance on the division of asse
ts in the event of a divorce.
Paul is now said to be facing handing over a £200m chunk of his fortune, which is estimated at more than £800m, to wife Heather Mills after they announced last week that their four-year marriage had hit the rocks.
But Leeds couples are increasingly being a lot more canny than that – some might call it cynical – according to law firm Irwin Mitchell
Though the numbers are still small, the firm has been asked to arrange more pre-nuptial agreements than ever before in the last year.
The trend is being led, as you might expect, by couples with plenty of assets between them who each want to protect their own share but, according to Alison Straw, head of Irwin Mitchell's family law team in Leeds, not all of those signing pre-nuptial agreements have millionaire lifestyles.
Alison, who is based in Queen Street, Leeds, said: "There is a lot of wealth in Leeds and these couples are now drawing up pre-nuptial agreements. Sometimes it is not so much them as their families who want it, if there is a big family firm involved for instance.
But the interest in pre-nuptialss isn't just coming from couples with millionaire lifestyles, more ordinary couples are signing them too.
"If they are on their second or even third marriage they want to protect their own assets."
Increase
Alison believes the rise in both marriages and divorces is also partly responsible for the increase in pre-nuptials. The number of weddings in England and Wales rose for the third successive year in 2004, with divorces also increasing to 153,500, the highest level since 1996. Two marriages in five now reach this point of no return
But pre-nuptial agreements, which originated in the United States, are not legally binding in Britain, so how useful are they?
Alison said: "If there is a pre-nuptial agreement in a divorce case it will always be looked at by the court, and many judges do take them into account, but it doesn't have to be taken into account.
"It is much more likely to be an influencing factor if it is up to date, so it is always best to review a pre-nuptial agreement every few years so it is a live and kicking document.
"If it was drawn up before a child was born, for instance, then it would be less relevant because the interests of children always come first in a divorce case.
"If Paul McCartney and Heather Mills had drawn up an agreement before their daughter was born then it wouldn't have been much of a factor in the divorce settlement unless it had been updated after her birth. If it hadn't been updated then the attitude of the court would be 'that was then and this is now'.
Courts also need to be satisfied that pre-nuptial agreements are fully disclosing – that neither partner is holding back any information – and that they were not signed under duress.
In Leeds currently the price of drawing one up will range from around £700-£1,500.
There are proposals to change the law to make the agreements legally binding but Alison says it is hard to predict when that will happen, but possibly within five to ten years
She said: "If pre-nuptial agreements were enforceable, more people might be encouraged to get married, as they can help avoid future heartache and distress, helping couples to resolve more matters themselves rather than having courts impose settlements.
"Unfortunately, marital breakdown is a part of everyday life and the fact that we are beginning to get more enquires from people in Leeds has got to be viewed as positive, despite agreeing a pre-nup probably being the most unromantic gesture you could ever make.
"Colin Montgomerie didn't have one and ended up having to pay one of the biggest divorce settlements seen in Britain, handing over £15m, which was half his estimated fortune."
Paul didn't – but they did
With the notable exception of Paul McCartney, pre-nuptial agreements are now becoming almost pre-requisites among the rich and famous, with A-list couples such as Catherine Zeta-Jones and Michael Douglas, Mick Jagger and Jerry Hall, and Tom Cruise and Nicole Kidman all having signed on the dotted line before tying the knot.
Alison believes this is because many celebrities regret not making a pre-nuptial agreement in previous marriages and have learned from their mistakes.
Tom Cruise did not have an agreement for his first marriage to Mimi Rogers in the early 1990s but made sure he had one when he tied the knot with Nicole Kidman.
Jennifer Lopez did not have one for her short-lived marriage to the choreographer Cris Judd, and ended up paying $6.6m to prevent him disclosing intimate details of their life to the press .
And Roseanne Barr's failure to sign a pre-nuptial agreement with Tom Arnold ended up costing her $50m.