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The Great British Monarchy made head lines globally this past week after it was revealed that Prince William will wed his long-term girlfriend, Kate Middleton. Ending numerous years of speculation as well as enduring a short separation, Prince William and Kate Middleton have been going out with each other for several years. The engagement announcement saw a press storm focusing on speculation about everything from the wedding venue, wedding date and even the wedding dress.
Even though most people are thrilled for the recently engaged couple, the cynics amongst us could possibly be thinking otherwise. With separations higher than in the past, a lot of people are looking at a prenup to make sure that their assets stay secure should a divorce or separation ever happen. To many, this would appear like removing the romantic element and undermining the vows. But, as with all things, you cannot predict the future and you can't ever be certain what the future entails.
The Royal family has witnessed divorces before and although ex-members from the Monarchy are not left to fend for themselves, the marriage next year may be the most modern wedding yet. Modern times come contemporary conventions and prenuptials are increasingly becoming commonplace in Western society.
What would a Royal prenup be like then? Royals have many public responsibilities but possibly most significantly, an exponential increase in public curiosity and coverage. However, we have observed when a Royal wedding sadly end in a separation, although it can result in a financially rewarding speaking career, it might sometimes end in monetary uncertainty when individuals have become accustomed to a different way of life.
Prenuptial contracts operate by ensuring that if a couple become divorced, their belongings remain their's and are not split between the parties. Conventionally, both parties would be entitled to 50% of the income during the marriage's existence. This is to say, if one of the parties didn't have a job throughout the marital life, they'd be allowed to be given a large proportion of their partner's income. This has led to divorce pay outs in excess of $ 100 million.
Most likely a Royal divorcee would certainly nevertheless be taken care of to some extent by the Royal Household, even in the event that there wasn't a prenuptial agreement signed. Having said this, a Royal couple getting married would probably not get a prenuptial contract - particularly because prenuptial contracts have contested legitimacy in the UK.
Nonetheless, a recent divorce settlement saw a prenuptial arrangement validated in court, possibly hinting at a cultural and legal shift in thinking. This might imply law firms start to pay more and more attention to prenuptial agreements. It is going to be interesting to see how the situation of divorce law transforms if more young couples sign prenuptial agreements in the United Kingdom and the way attorneys will react to the demands of a changing marriage culture.
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