February is known as the month dedicated to love and romance. First, we have Valentine’s Day – probably the most romantic day of the year used by many to pop the question. Over one million couples end up becoming engaged on this day of love. This year – 2024 – is also a leap year and 29 February (Leap Day) is traditionally the day when women propose to their partners.
If you become engaged this month or are organising your big day, congratulations! Amidst all the celebrations and excitement, however, be aware that there may be things you need to consider and discuss with your partner to protect yourself (and your assets) before taking the next step in your relationship.
The Legal Implications of Saying ‘I Do’
As well as being an expression of love, marriage is also a serious legal and financial commitment. It creates a financial tie between you and your new spouse, such that your assets and liabilities are considered joint. This will extend to things such as bank accounts, savings, pensions, debts and inherited wealth.
Financial commitment stemming from marriage can last a lifetime, even if your marriage ultimately ends in divorce, and the implications could be extremely costly, especially if your spouse has a large amount of debt or you have assets that you would like to ring-fence.
While this may appear unromantic, the reality is that marriage is a legal contract, and therefore we always recommend speaking to a Family Solicitor before your wedding day and getting legal advice.
Pre-Nuptial Agreements
In certain circumstances, it may be sensible to have a pre-nuptial agreement in place. This is also sometimes called a ‘pre-marriage contract’ or informally known as a ‘prenup’. A prenuptial agreement is a formal agreement entered into before the marriage that states how you wish to divide your assets if you were to divorce.
The idea of bringing up a prenuptial agreement before marriage is not easy and may seem pessimistic. However, it starts a marriage with honesty and openness and given the high rate of divorce in the UK, is a useful way to protect each spouse’s financial interests. Pre-nuptial agreements are not only for the rich and famous. It provides clarity for any couple around how their assets and finances will be divided if the marriage breaks down and gives them both the chance to agree in advance on what is fair.
A pre-nuptial agreement is particularly important if either partner has children, if there is a business involved, if one partner has a lot of debt or if one partner is much more financially secure than the other.
It is important that a prenuptial agreement is drafted carefully by a qualified family law expert and that both of you seek separate and independent legal advice to ensure you fully understand the agreement and agree to it willingly. You can read more about pre-nuptial agreements here (link to pre-nup article).
Declaration of Trust
This is a legally binding document that may be useful if you are given or loaned a sum of money by, for example, your parents to put down as a deposit on your new marital home. In such circumstances, the declaration of trust would clarify details such as whether the money is for both you and your partner and whether it is a loan or gift. This is a good way of recording the financial arrangements to avoid issues arising further down the line.
Making a Will
Your new spouse will normally inherit all or most of your estate if you don't have a valid will. Even if you do have a will, it will be automatically revoked by a marriage and will be invalid from the day you get married. The only exception to this is where your will contains a clause stating that you wish your will to remain valid after your marriage to a particular named person.
Therefore, to ensure that your estate is divided as you wish, you should, in most instances, make a new will on getting married. Otherwise, you will be treated as intestate and the law will set out who will inherit your estate, which should be avoided if at all possible.
It is particularly important to make a new will where you have children if this is your second marriage, or if you have children from a previous marriage or relationship. This is certainly something our specialist team can advise on.
Changing Your Name
Traditionally, it was the woman who would change her surname to match that of her husband. If you opt for this as a couple, then this does not need to be done by deed poll, although you will still need to check with organisations such as the DVLA or your bank about what personal documentation they may require for the name to become official.
Alternatively, it is becoming increasingly popular for both parties to change their name, often into a double-barrelled surname, and this would need to be done legally via deed poll.There is a lot to consider when getting married and here at Witan Solicitors, our expert family solicitors are on hand to help and offer specialist advice on the legal implications of marriage as well as talk you through options such as prenuptial agreements. Contact us today via email for a free, no-obligation consultation with an expert.
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