12 Feb Top tips for planning your life together
Planning a wedding is a joyous whirlwind, there is lots to think about, from the venue and colour schemes to flowers, meals, and rings. After the big day, the focus shifts to building your future together.
As you plan your future home and family, taking a few simple legal steps now can provide peace of mind and ensure you and your family are financially protected.
Read our top legal tips for planning your life together.
Pre-nups and Post-nups
The term Pre-nuptial Agreement (or Post-nuptial Agreement, if signed after the marriage) is becoming more common in the UK than ever before.
While these agreements are not automatically legally binding, a court is highly likely to uphold the agreement provided both parties received independent legal advice, made full and frank financial disclosure to each other, and, for Pre-nuptial agreements, signed the document at least 28 days before the wedding. Following these professional requirements ensures the agreement carries significant weight with a judge.
There are several reasons for their increased popularity, for example, one partner having significantly more assets or income than the other, addressing family trusts or inheritances, clarifying the handling of pre-marital assets as well as assets acquired during the marriage, or managing debt obligations.
They set out how your assets would be dealt with should the marriage end. It’s an opportunity for an open discussion with your partner about your financial backgrounds, responsibilities, and expectations for the future.
Buying your home
Whether you’re buying your first property together or bringing existing homes into the marriage, how you legally own the property matters. Joint ownership isn’t a one-size-fits-all solution.
An experienced conveyancing solicitor will help you with the practical difference between holding property as Joint Tenants (where ownership passes automatically to the survivor) or Tenants in Common (where you each own a defined share that you can leave to someone else in your Will).
An experienced conveyancing solicitor will also help you if you need to draft a Declaration of Trust. This is a legal document that records your exact shares of ownership and is used when one partner needs to protect their investment into the property.
With the right legal advice, you can ensure your home ownership aligns perfectly with your financial intentions, both today and decades from now.
Your Wills and LPAs
After you say, “I do,” your life changes legally. But marrying doesn’t automatically protect your future as fully as you might think.
- Your Will – Marriage often cancels out any Will you made before the wedding. If you don’t write a new one, the law dictates who inherits, which can leave your partner (or your children) facing uncertainty. A well-drafted Will ensures your partner directly inherits what you intend, providing security during the worst of times. For couples with young children, a Will is the only legal document that allows you to formally nominate Guardians who would care for your children should both parents pass away. This is an important legal step that prevents any doubt or potential family dispute over future care arrangements.
- Lasting Power of Attorney (LPA) – This is one of the most loving and responsible things you can do for each other. If one of you were suddenly unable to make decisions due to accident or illness, an LPA legally authorises the other to manage finances and make crucial health and welfare choices. There are two types of LPA: one for Property and Financial Affairs (covering bank accounts, bills, and property sales) and one for Health and Welfare (covering medical treatment and care decisions). Without an LPA, your partner might have to go through a lengthy and expensive court process just to access bank accounts to pay a mortgage or discuss medical care. While you are waiting, you will not be able to access your loved one’s finances or make health-related decisions on their behalf.
For more information:
Reasons to enter a pre-nuptial or post-nuptial agreement
Next of kin – it may not mean what you think
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