At first blush, people may still believe they are the preserve of the famous and uber wealthy. In fact, pre-nups are perfect for the farming sector: they can protect and preserve the farming asset whilst, at the same time, ensuring that there will be a fair provision for the spouse in the event that the relationship was to break down. That means that the couple, as well as the wider family, can have certainty and clarity to protect them all as well as the future of the farm.
To help with that challenge, we have been working with farming families for a number of years to make a pre-nuptial agreement a pre-condition to joining the partnership by making it an explicit requirement in the partnership deed. In that way, before a son or daughter can join their parents in the partnership (and through that, potentially gaining an interest in not only the business but also the land) they have to ensure there is appropriate legal protection in place. That pre-condition will apply to everyone so it removes any suspicion about why a pre-nuptial agreement has been proposed for a particular family member ("it's not you, it's us"). Ensuring parity across the whole family will also create a level and fairer playing field for all.