Congratulations! You just got engaged! The nerves are settling down and the ring is set firmly on their finger. It’s not going anywhere.
Now comes the logistically gargantuan, and with military style precision, preparations for your wedding:
- DJ – check
- Flowers – check
- Is Derek a vegan? – I don’t know
- What do you think about these napkins? I don’t know darling, what do I think about these napkins?!
What rarely features a special mention is the other important life admin when two people become romantically (and legally) entwined. Queue family lawyers across the country beeping their horns and pointing at the obvious – you are creating a legal bond and it’s worth considering what that means.
We get it. No one wants to think about legal documents in the run up to their big day – you’re too busy planning for it, wondering how Granny will cope with the Cha-Cha Slide, or praying that Uncle John will keep his shirt on. But that’s precisely when you should be considering the impact of that legal bond and your marriage.
So buckle up as we open The Toolkit for the Newly Engaged!
Pre-nuptial agreements
Not just for A-list celebrities, a pre-nuptial agreement is an important document designed to re-assure the happy couple. They sometimes get a bad rep, but the purpose of a pre-nup isn’t a death knell to a marriage – it’s the buildings insurance policy you’ll probably never need.
The purpose of a pre-nuptial agreement is to set out what would happen in the (hopefully) very unlikely event of a separation. Are you bringing money into the marriage from an inheritance? It might be a good idea to say so. Most people would understand if you wanted to protect it.
Pre-nups require a bit of thought. They can’t be rushed. You must have a full understanding of the other’s financial position. You should be legally represented. And the pre-nup must be fair in law. Protecting your inheritance for the next 5 years might be fair, but once you hear the pitter-patter of tiny feet (for example) – best to give it a once over, just to be sure.
Declarations of trust
Unlike a pre-nup, declarations of trust can be agreed without the checks and balances required by their more formal cousin. They confirm how property is owned, either as a percentage or by ring-fencing your specific contributions to the purchase price. If you plan on getting married after buying a property together, you can still enter into the declaration of trust but I would suggest a follow up pre-nup.
Have fun and communicate
Getting engaged was the best moment of my life. It’s important not to lose the butterflies and excitement with admin and legalities. Those are important but enjoy the process and speak openly with one another. Communication is King.
Rayden Solicitors are experts in pre-nuptial agreements, if this is something you would like to discuss further with us please get in touch.
