A recent report from the Office for National Statistics shows that there was a slight increase in the number of people marrying in 2014, the last year for which statistics are available. Interestingly the greatest percentage increase was for men and women aged 65 and over. The same report showed that in 2014 the average age for opposite sex couples at the time of their marriage was increasing to 37 years of age for men and 36.7 for women. It seems clear therefore that many of those marrying will have established financial and family arrangements in place by the time they marry. They may have children or even grandchildren; they may already own their own property and have built up a pension fund to which their spouse made no contribution. Their spouse likewise may have family, assets and pensions already established.
Couples in that situation are increasingly considering entering into pre- nuptial agreements; they may also consider making post nuptial agreements after their marriage. In both cases the purpose is to identify clearly what they regard as constituting marital assets for sharing in the event of separation or death. They may for instance want to ensure that their spouse will have an unimpeded right to occupy the marital home in the event of the owning partner’s ill health, or death, so as to be clear with adult children or other family members as to how a spouse is to be catered for.
If this is a matter which you would like to consider a member of Neves’ Family Department will be happy to talk to you. We offer inexpensive initial appointment where we can consider with you what might be appropriate for you.
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