Emily Cannell, Partner and Head of Family at Mincoffs Solicitors, details the importance of remembering that marriage is not only an emotional union, but also a legally binding contract.
Saying ‘I do’ means that newlyweds are bound in law, as well as in the eyes of their family and friends.
The majority of people wouldn’t sign a contract without knowing the terms it involves, yet many make a decision to marry without an understanding of the implications.
This is particularly true for finances, whether in relation to assets that they hold in their sole name, jointly with their new spouse, or those accumulated prior to the ‘big day’.
In the unfortunate event that a marriage breaks down, the main disagreement often relates to financial matters, which can stem from preconceived reasoning as to what is fair and who should get what.
The same misconceptions can apply to couples who never actually get round to the big white wedding but instead purchase their dream home and start a family together.
Although the ‘common-law’ marriage is a myth, there are all sorts of issues that may arise if a relationship breaks down in respect of arrangements for children or jointly owned assets and resources, often made more complex by unequal contributions or promises and assurances by one party to the other.
For many, prenuptial or cohabitation agreements are still considered to be reserved for the rich and famous and are more ‘New York’ than ‘North East, however they are growing increasingly popular and are an acceptable and cost effective way to protect against the unknown.
When making huge decisions such as buying a house, getting married or starting a family, it is always important to understand the long-term implications.
Whether someone is about to embark into new territory with an established relationship or in the unfortunate position that one has broken down, it is important to get early advice on financial claims, rights and entitlements.
After all, it does not necessarily have to be cynical to take advice before making a life changing decision, just sensible.