Valentine's Day proposals – balancing the romance and practicalities
Contrary to popular belief, Valentine's Day is not the most popular day to propose marriage to your significant other. However, it is the fourth most popular day. But with romance in the air, can you ignore the longer term financial complexities of getting married?
Firstly, if you are celebrating the happy event today, congratulations! I am sure a flurry of parties, celebratory drinks, presents and wedding planning will follow the engagement. Many will ask "when is the big day?" and you might race to set a date – but in the midst of this, you might also like to consider your futures together practically and legally.
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. A pre-nuptial agreement may be valuable to you both as you start your new lives together. Whereas these types of agreements used to be considered just for the rich and famous, they are now becoming more common and are suitable for anyone wishing to protect their assets.
Whilst broaching this topic with your husband or wife to be may not be the most romantic of gestures, short term pain will see a long term gain. The cost in legal fees of preparing such an agreement is very little, compared to the potential cost of proceedings should you not be able to agree in the future.
If you would like any further information, including how to sensitively broach this subject with your partner, the Family team will be pleased to assist.
Later this week, we will be releasing the results of our nuptial survey, which sought views from financial advisers on protecting wealth using such agreements. Watch this space…