Royal Prenup

If you are anything like me, you were glued to your television this morning, to catch a glimpse of the royal bride before you headed off to work.  It has been reported that Will and Kate did not sign a prenup before getting married.  Although I would recommend a prenup for many couples (Crystal and Hef), I would not recommend a prenup for Will and Kate.  While prenups are common in the states, they are not nearly as common in Britain.  Although prenups carry some weight, they are not 100% binding in Britain. 

Prenuptuals are all about bargaining power.  Once the royal couple got engaged, the only bargaining power each of them had, was their willingness to walk away from the marriage; something that neither of them were likely to do considering the short length of their engagement and the media coverage surrounding the wedding.  If you aren't willing to walk away, you don't have any power because you will do whatever it takes to get to the wedding day.   Perhaps Will realized that he was already asking Kate to give up her life as she knows it and it would be too much to ask her to decide how much that was worth right now. 

The difference between Will and Kate and the rest of us commoners is this:  Will and Kate are both very wealthy at a young age, whereas the rest of us are not so lucky.  Obtaining a prenup does not usually cross our minds unless we have something to preserve and that does not usually happen until we are older.  Because of their age, Will and Kate are not in a position to negotiate what they may need if they divorce because they do not yet have children and they do not know how much time they are planning for (they do not know how long the marriage may last).

In Ohio, if you do have significant assets that you would like to preserve, you may enter into a prenuptual agreement in contemplation of marriage.  I would generally only suggest a prenup for older couples with significant assets to preserve and who already have children or will not have children. 

To be enforceable, both parties must fully disclose their financial picture, and the agreement must be entered into without coercion by either party.  Each party should seek separate counsel to advise them on their rights when contemplating a prenuptual agreement.  And remember, you only have as much power as your willingness to walk away.