Grey-nups on the rise as older couples tie the knot (again), says leading family lawyer

The demand for ‘grey-nups’ is soaring as older couples marrying for the second, third or even fourth time look to protect the assets and wealth they bring to later-life relationships.

The demand is, says the family law firm BDB Pitmans, being driven by family members encouraging parents to protect future inheritances and several high-profile marriages, most recently Abba’s Björn Ulvaeus marriage to his third wife.

Vandana Chitroda, Partner and Head of Family Law and BDB Pitmans explains.

“Pre-nuptial agreements have for quite some time been considered essential when younger couples get married and look to protect assets or a future inheritance.

“But now, those getting married for the second, third and even fourth time, and often well into their 70s, are seeing a pre-nup – the grey-nup – as a critical part of their marriage planning.

“People are living longer and finding love and companionship much later in life, and they typically bring considerable wealth and assets to that relationship. Where they have children from previous marriages, they are looking to protect that wealth and the grey-nup provides that security.

“It is also interesting to note that those marrying later in their lives have no concerns over grey-nups. They do not see them as ‘unromantic’ or making marriage more ‘transactional’. They see them much in the same way as a Will – a sensible and practical financial planning tool.

“Grey-nups will focus on the assets that each brings to the new relationship and how they will be treated should the relationship fail. They will also consider assets that are purchased together, much in the same way as a standard pre-nuptial agreement.

“Where they perhaps differ is that they will often address the cost of healthcare in later life and the death of a spouse. We often see grey-nups and Wills prepared together to reflect those wishes.”