Key considerations after a Leap Day engagement
It was Leap Day yesterday, the one day in every four years that, traditionally, a woman can propose to a man. It is thought that the tradition originated in Ireland, when St. Brigid complained to St. Patrick that women had to wait far too long for men to propose. St. Patrick ruled that women could propose on 29 February. What a victory for feminism!
Of course, tradition indicates that should the man refuse, he should offer some sort of gift to soften the blow! The story goes that after St. Brigid proposed to St. Patrick, he refused and gave her a kiss and a silken gown. In some circles, it has come to be accepted that if a man refuses, he should buy the woman 12 pairs of gloves (to hide the shame of not having an engagement ring!).
For those of you who proposed or were proposed to yesterday, you may like to start to think about your futures together. Both pre-nuptial agreements and living together agreements may be worth considering as you start your new lives together. Whether planning a long engagement, or a quick wedding, an agreement about what will happen to your assets and belongings should you separate or divorce can save both time and money. The cost in legal fees of preparing such an agreement is very little, compared to the potential cost of litigation should you not be able to agree in the future.
There are also many ways in which being married may have a positive impact on your personal tax position, be sure to get the right advice so that you can make the most of these. If you have a Will, consider the need to amend it as, unless you were anticipating yesterday's proposal, it could automatically be revoked by the marriage.
Blake Morgan's family and succession and tax teams are able to help in this area. For further information please contact us.