Getting engaged is an exciting time, when you can start thinking about what your wedding day might look like and what your lives together might hold. It’s important, among all of the celebrations, to remember that getting married, or entering into a civil partnership, is ultimately a legal process, which has legal consequences for everything from your money and your home, to your children and your business.
At Stephens Scown, we are pleased to be able to offer clients the opportunity to discuss the legal consequences of their marriage or civil partnership, in their particular circumstances. This enables clients to make decisions about how their finances, for example, should be dealt with both during their marriage or civil partnership, as well as in the event of separation or death of either spouse. This is important for wealth protection and succession planning, as well as a happy relationship.
What are the benefits of this pre-marriage advice service?
In our experience, finances can put a huge stress on relationships – uncertainty can breed resentment and mistrust. By starting your marriage or civil partnership with an understanding about what each of you expects in relation to your respective finances, we can advise you as to how to put your plans and intentions into practice, relieving you of that stress as you start the next chapter of your life together.
The way assets are treated during a marriage can have a significant bearing on whether or not they might be shareable in the event that the marriage breaks down in the future.
If someone enters a marriage with considerably more wealth than their spouse or has received a significant gift or inheritance (or expects to during the relationship), getting clarity on how that might be considered in a subsequent divorce upfront is essential. That way they know the implications of various choices they may make about those assets during the marriage, rather than that being a shock at the time of a divorce when they find out they had inadvertently taken steps which make an asset shareable when it might otherwise not have been.
Who will this service be suitable for?
This service will be suitable for anyone who is either:
- Considering getting married or entering into a civil partnership, or anyone who is engaged already;
- Anyone who is happily married, but would like certainty about the implications of their marriage on their finances – steps can be taken retrospectively; and
- Anyone who is wondering how to deal with certain assets, such as an inheritance or a business and wants to explore the options.
- Anyone who is wondering whether any steps need to be taken in relation to any children, either children you share with your (intended) spouse or civil partner, or children from a previous relationship.
What issues does the pre-marriage advice cover?
Within the appointment, and the follow up report, we will consider:
- Your Will – if you have one in place, this will be invalidated upon your marriage, and so you will need to consider whether it is necessary to put in place a new Will. Likewise, if you do not have one already, you will need to decide whether this is something you require.
- Powers of Attorney – whether you have POAs in place and, if not, whether you need them.
- The implication of assets being transferred between spouses – for examples, cash or shares.
- Whether a pre-nuptial agreement is appropriate in light of assets you and your partner hold.
- Whether any steps need to be taken in relation to any children, either children you share with your (intended) spouse or civil partner, or children from a previous relationship.
What does the process look like?
We offer clients one hour fixed-fee appointments, followed by a detailed written report advising clients on the implications of their marriage or civil partnership in their particular circumstances. The bespoke report will set out exactly what steps we would advise clients take in order to ensure that their decisions about their finances are put into practice, and the couple’s joint wishes in relation to their finances are realised.
If talk of death and divorce is a bit bleak at the start of a new chapter of your lives, it’s not meant to be. Getting advice ensures that you are entering into your marriage or civil partnership with a proper understanding of its legal and financial implications and can put in place any protective measures you need to, before taking the next step in your relationship.
To find out more about the difference between a marriage and a civil partnership please click here.
If this is something you would like advice on then please get in contact with our Family Law team. This article was co-written by Shavaun Womersley, solicitor and Harriet Wigmore, senior associate in our Family Law team.
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