Getting married is an exciting and significant life event, which takes a great deal of planning. Whilst many couples will rightly focus on the big day itself, it is also really important to think about the wider implications of your marriage and what this means for your future.
Statistics show that the average age of marrying couples is rising. This means it is likely that one or both parties have already generated wealth, which they will then bring into the marriage. It is important to consider how to protect that wealth, should the marriage falter.
It may also be the case that one or both of the parties have a child or children from previous relationships. In these cases, the wealth brought to the marriage by the child’s parent must be protected if that child is to benefit in the future, both in the event of the marriage breaking down and in the event of the death of the parent.
Two facts that few couples know before they get married
1. When you marry, any existing will is automatically revoked, unless you made it in contemplation of the marriage.
This means that you would die without having a will, which is known as being Intestate. The Intestacy Rules will govern what happens to your estate rather than your own wishes. The Rules provide that your spouse will receive the first £270,000 of your estate, your personal property and belongings, and one half of any remaining estate.
This could mean that a child or children from your previous relationship would receive little or nothing if you were to die.
It is therefore critical to make a will in contemplation of your marriage or soon after the wedding has taken place. Our wills team will be happy to help you with this.
2. When you get married, you and your partner will have claims against one another relating to property, lump sums, maintenance and pensions.
Most couples are aware of maintenance claims on divorce but few understand the extent of other types of claim. If there is no Prenuptial Agreement in place, the court has very broad discretion and can determine those financial claims as it sees fit.
If you want to protect the wealth you are bringing into a marriage, it is crucial that you and your fiancé enter into a Prenuptial Agreement, which to be valid, must be made earlier than 28 days before the date of your marriage.
Contact Lisa Collins
Our specialist family solicitors have experience in drafting and advising on wills and Prenuptial Agreements as well as all other aspects of family law. Please contact us for a free 15 minute telephone consultation to discuss your needs and marriage plans.
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I trust Francesca Cozens completely and have no hesitation in recommending her to the other party in cases I am involved with, whether they are collaborative or non-collaborative cases. Francesca has a broad knowledge of family law and has a lovely way with clients. She is kind, patient and a very reassuring presence for her clients. I have no hesitation in recommending her.
