Britons are less likely to agree to a prenuptial agreement than couples in France and Spain, research has found. In a survey of 5,794 people across Europe, just 24 per cent of Britons said they would get a prenup if they were to marry, or had a prenup if they were married already.
In France, that figure was 43 per cent, in the Netherlands it was 40 per cent and in Spain, 36 per cent according to the research commissioned by the app-based bank, Bunq.
Prenups and Asset Division
Before a couple ties the knot, they can sign a contract which defines how their assets will be divided should the marriage end. Prenups give couples more certainty over their finances and can make divorces or separations less messy.
However, they are not legally binding in Britain, and can be overruled by a court. This isn’t the case in France and Spain, which may explain their higher popularity.
The research also suggested that attitudes towards getting a prenup might change when it comes to the crunch. Only 3 per cent of married Britons actually have a prenup, compared to 13 per cent in both France and Spain.
How Prenups Work
In England and Wales, a prenup is an agreement between a couple setting out how they would like their finances to be dealt with if they divorce. But it is not automatically binding in a divorce court.
Judges retain the final say over a financial settlement and will consider whether the agreement was entered into freely, whether both parties understood its implications and, importantly, whether the outcome is fair in the circumstances at the time of divorce.
While a prenup can carry considerable weight, it cannot simply guarantee that a couple’s assets will be divided exactly as the document says.
Related: Seoul Seeks New Financial Hub Elsewhere
France takes a different approach. A French prenup is known as a contrat de mariage and allows couples to choose what happens to their assets if they divorce.
If they don’t sign a marriage contract, they automatically fall under the country’s default regime, known as communauté réduite aux acquêts. Broadly speaking, assets owned before the marriage remain the individual property of each spouse, while assets acquired during the marriage are generally treated as common property.
Regional Differences in Spain
Spain has a similar system called capitulaciones matrimoniales. Under the general Spanish rules, the default regime is sociedad de gananciales, which sees gains made during the marriage shared between the spouses.
However, Spain is complicated by its regional laws. In Catalonia, for example, the default regime is separation of property, meaning each spouse generally retains ownership of their own assets.
Considering the differences in how prenups are viewed and implemented across Europe, it’s interesting to note that the concept of protecting one’s assets before marriage is not unique to any one country, but rather a universal concern that couples face, regardless of their location.
Joe Wilson of Bunq said: ‘Unlike in France and Spain, prenups aren’t automatically binding under UK law, which may be part of why Brits are less inclined to bother with them in the first place.’ Yet our advice always remains the same – that money conversations, regardless of relationship status, wealth, or fame, remain important.
The usual purpose of a prenup is to protect assets a person brings into a marriage. Prenups can also be particularly relevant where one or both partners have children from a previous relationship, or where there is a family business or significant inheritance they want to protect.
With high-profile cases often making headlines, the conversation around asset protection is gaining traction. Kidfluencers often handle complex financial waters, highlighting the need for clear agreements in various modern contexts.
