Pre-Nuptial Agreements

Nevertheless wealthy families, especially farming families, would be wise to take a deep breath and utter those unappealing words. Farmers often expect that their assets will pass through the generations, providing a living from the land for those who follow. Many farming families use discretionary trusts as a method of tying up assets but trusts alone will not necessarily stop an attack on the assets if there is a divorce. A court is entitled to examine in detail the potential for payments being made out of the trust to meet the cost of the departing spouse’s settlement. Children up the ante further. By law their needs are paramount, this will include housing and income needs.

Pre-nuptial agreements have not caught on in a major way in East Anglia but in the City they are commonplace. However farming families would be wise to consider the consequence of a marriage breaking down and the implications for the family and arrange for the marrying party to enter into a pre-nuptial agreement in advance of th