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Prenups Driven by Property Boom According to Study

Research carried out by a law firm have found that more and more parents want a prenuptial agreement for their children after helping them buy a property.

According to experts, more children are relying on their parents to help them get on the property ladder that in turn has led to parents wishing to protect their children and their assets in the form of a prenuptial agreement.

Rise in Demand for Prenuptial Agreement

As well as this, it is believed by experts that a prenuptial agreement is wanted by so many parents to ensure that their child receives the inheritance they intend to leave.

The legal experts who carried out the report said that they had noted a 25% increase in the number parents wanting a prenuptial or cohabitation agreement for their children in the last six months.

 The rise in the number of parents wishing to have a cohabitation agreement for their children comes following a report from housing charity Shelter which revealed that thousands of parents were raiding their retirement funds to help their children get on the property ladder.

On average according to Shelter 40% of parents have helped out their kids with their housing costs, handing over £23,000. With more and more people choosing to cohabit and marry before buying property, experts have stated that it is natural that so many parents wish to protect their children.

Prenuptial Agreements in the UK

Although many people believe that having a prenuptial agreement is detrimental to marriage, however, a prenup can have many advantages. In comparison to legal fees for a divorce, they can be exceptionally cheap and ensure that there is no fighting following the failed marriage. Such agreements can protect the assets you bring to a marriage and also reassure the wealthier party prior to the marriage that the marriage is occurring for the right reasons. While it is important to change a prenuptial agreement if anything changes, they can be exceptionally useful and protect a number of assets for both parties.

Cohabitation in the UK

Cohabitation is fast becoming the most popular living arrangement in the UK and can lead to a number of issues if the relationship breaks down. According to the Office of National Statistics not only is cohabitation the fastest growing living arrangement but more than 6 million people are opting to cohabit. While many people believe that cohabiting provides the same protection and legal rights as marriage, it is simply not the case. A cohabitation agreement can ensure that your assets are protected and that your loved one is handed some inheritance if you are to pass. Such agreements can also protect mortgage repayments and ensure a property is equally divided.

Contact Us

If you require advice regarding a prenuptial agreement or a cohabitation agreement, or if you wish to speak to one of our family law experts get in touch with our team today using our online contact form.

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