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British businessmen are leaving themselves open to a potential £600m bill by failing to draft pre-nuptial agreements and protect their earnings, according to new research. A survey of 200 city businessmen found that 89% of wealthy individuals are not considering or drafting “pre-nups” in the belief that marriages are for life and should never hit the rocks. However, figures from the Office of National Statistics show that more than half of British marriages currently end in divorce. Despite the lack of agreements, nearly two-thirds of those surveyed believe they should be entitled to a greater share of divorce settlements as they have been the largest financial provider during their marriage’s duration. At present, pre-nups are not enforceable in British courts but can be referred to by judges when deciding a split of marital assets. But, following news from the Law Commission that pre-nups could be given the same legal weighting already experienced in the USA and many European countries, the agreements could become a cornerstone of future divorces and should be seriously considered, not only by wealthy businessmen, but all spouses in the future. "A lot of people have said to us they are deterred from marriage by the current law. If the current law is deterring marriage that isn't good for public policy,” Professor Elizabeth Cooke of the Law Commission said earlier this month. "There is a certain amount of financial carnage when people get divorced. A well drawn up pre-nup can give greater predictability. With the law set for a shake-up, couples pondering any future financial disputes should consider a pre-nup and approach family law solicitors today to find out the agreement’s finer issues. As Prof. Cookes suggests: “there is nothing that will take away the general pain of divorce but it may be that pre-nups can go some way to making things more certain."
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