Posted on 20.3.15 by Nicola Fraser
Proposing is a time of excitement and sharing the rest of your lives together, buying a house, getting married and perhaps even children. It’s an exhilarating thought to plan all of the ‘exciting’ parts and things that you will look forward to, but it might be just as important to back all of this up just as officially as you will be when you ‘tie the knot.’
It might not be your first thought, and it probably shouldn’t be, however it is important to decide whether or not you will put in place a Pre-nuptial agreement. A recent poll suggested that 3 in 5 of us would be offended if they were asked to enter in to a pre-nup, but this doesn’t mean you should rule it out from fear of offending.
Looking in to it doesn’t have to be as un-romantic as it seems on the surface. They can be a practical way to secure your finances in the future and resolve financial dispute in the event of a divorce. It doesn’t mean to say that you will get divorced, it is just a precautionary detail that you can choose to put in place should you need to.
The amount of people taking out Pre-nuptial agreements is rising. Though they are often associated with the rich and famous, Pre-nups can be beneficial to couples who have similar levels of assets, offering a degree of security for the future.
Part of planning for your Long and happy life together might also involve putting in place a Will. A common misconception may be that ‘only older people need a Will’. However without one, should anything happen to you, any assets you own might not be split in the way you want them to be. You and your new husband/wife should consider setting up a Will, Lasting Power of Attorney and/or Trust to outline your intentions and wishes.
Once you get married, any previous Will you have made will be revoked unless it has been made in anticipation of your marriage.
Making a Will should not been seen as something negative, it is a positive document that once done may not need to be considered until you have children, your assets change or your situation changes.
Gorvins Wills, Trusts & Probate team have conducted research over the past 12 months, into the Milestones where people need to adjust their planning for the future. ‘Act on It’ is a newly launched campaign that encourages these groups of people to put in place the correct provisions at each point.
From both perspectives, you may not want to think about this type of planning, but these important legal documents can relieve some anxiety that getting married may bring.