When planning your wedding it’s easy to avoid discussing the less romantic side of things like the ‘small print’ of what is essentially a legally binding agreement between two people. However there are plenty of important things to think about before tying the knot with your significant other.
One thing you should consider when getting married is your Will. If you already have a Will written it would become null and void once you marry and your spouse would inherit part or all of your estate if you were to die, unless it was written ‘in contemplation’ of marriage. If you are planning to marry or are recently married and you haven’t amended your Will it would be a good idea to do so in order to avoid any of your wishes not being carried out.
Inheritance tax breaks can be taken advantage of by spouses/civil partners, which with the right advice could end up saving you thousands of pounds. Your estate wouldn’t usually owe Inheritance Tax on anything you have left to a spouse or civil partner who has their permanent home in the UK. This includes any gifts you have made to them in your lifetime.
Where children are involved there are also things to consider. The Mother will always have parental responsibility however the Father will only automatically have parental responsibility if the child is born in wedlock or upon marrying the Mother. If the Father is named on the birth certificate or signs a parental responsibility agreement with the Mother he will also gain parental responsibility of the child.
For many it is seen as pessimistic to make plans for if or when things go wrong but more and more people are making sure they are safe should their marriage end. Pre-nuptial agreements are becoming more popular and are seen by many in a bad light, but a pre-nuptial agreement may save you a lot of aggravation should things not go to plan. A pre-nuptial agreement is a document in which the couple set out their rights regarding any property, debts, income and other assets. It can provide certainty and protect any assets brought into the marriage by either party. Whilst the courts take pre-nuptial agreements seriously these days, they will need to make sure that the party with the most at stake fully understands and accepts the agreement. They will also need to know that they have obtained independent legal advice and were under no pressure to sign the agreement. Both parties will have had to show each other all their assets and be in agreement that there would be no injustice if the pre-nuptial agreement is upheld.
If you would like discuss future planning in a free initial consultation contact Rosalind Watchorn Solicitors today to discuss your situation with a member of our specialist will-drafting and later-life planning team. Telephone 0114 229 0160 to arrange an appointment with one of our solicitors.
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