It may not seem romantic, and certainly unlikely to be found on the ‘top ten things to do before the big Wedding Day’ but a prenuptial agreement is something many couples are giving serious consideration to. At one time these were something that only the rich and famous used, now a prenuptial agreement is recognised as a document that, although you hope will not be necessary, can afford spouses piece of mind in the event of separation.
A prenuptial agreement can be tailored to meet the needs of each couple, to suit their needs. It is particularly useful for those with children from a previous relationship, those wishing to protect inheritance and assets they brought to the marriage or who own a business they wish to retain control of. The agreement sets out the ownership of all belongings assets and property and explains how it would be divided should the marriage breakdown.
As a department many clients approach us after separation when there is usually significant hostility from the recently ended relationship. Of course wherever possible we still try to resolve matters amicably, particularly where children are involved, but all too often disentangling matrimonial and non matrimonial property can result in lengthy litigation and costs. At Jacksons we can help in the preparation of a prenuptial agreement that is tailored to your circumstances to give you some peace of mind, whilst still being able to look forward to the big day.
And for those who choose not to marry, but to live together………..
Co-habitation Agreements or Living Together Agreements
We are increasing being made aware that living together as unmarried couples and families is on the increase. The Office of National Statistics advises that of the population 16 years and over the number of couples getting married has steadily declined since 2002 and according to Families and Households statistics there has been an increase of 29.7% in cohabiting couples /families between 2004 and 2014. Cohabitation has become a trend of modern Society.
Unfortunately in the event of separation the legal system does not provide the same legislative financial protection for unmarried couples as it does for married couples. People still appear to wrongly believe that there is such a thing as ‘Common Law Wife/Husband” when no such thing exists. It is for this reason unmarried couples are choosing to enter into Cohabitation Agreements which are contracts designed to ensure a fair and amicable outcome and avoid lengthy litigation should the relationship breakdown.
At Jacksons our specialist family team can help you with the preparation of a Cohabitation Agreement to regulate how you will live together on a day to day basis addressing issues such as contributions toward household bills and mortgage payments as well as ownership of joint and individual assets. We can tailor the document to meet your specific needs that will seek to protect both parties in the event of separation.
If you need advice on any of the issues above, please contact Louisa Bestford at firstname.lastname@example.org or call Louisa on 0191 206 9617.