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COULD NUPTIAL AGREEMENTS BE ON THE RISE FOR THE OVER 65s ?
The latest statistics on marriage rates published by the Office for National Statistics ( ONS ) indicate a steep increase in the number of marriages amongst the over 65s age group . The report , which examines the number of marriages that took place in England and Wales between 2009-2014 , found there was a 47 per cent increase in the opposite-sex marriage rate among over 65s . The average age for getting married in 2014 was 37 for men and just under 35 for women . Here , Claire Tollefson from law firm Cripps explains the issues .
Claire Tollefson
Generally speaking , people who marry later in life usually have been married before and subsequently divorced or have been in a long-term relationship which has broken down . They are likely to have acquired assets over their lifetime including property , investments , pensions , inheritances and family heirlooms , and may well have children from previous relationships who may or may not be dependent on them . Consequently , people who marry later in life often have more complicated financial circumstances than those who marry before they are 30 . They are also , however , more aware of the importance of retaining those assets to fund their retirement .
In circumstances such as these , people will often seek to protect their assets to ensure suitable provision is made for any children from previous relationships , or simply to ensure that should they divorce , there is a division of assets which is fair to their current partner , but that also enables them to continue to reap the rewards of their efforts in their early years .
The best way to protect personal wealth against relationship breakdown is by entering into a carefully drafted pre-nuptial agreement prior to marriage , or a post-nuptial agreement following marriage . A nuptial agreement sets out exactly how assets should be divided and what future support each party will receive from the other , and makes it clear that certain property belongs to one party and will not be shared during the marriage or on any future divorce . It can also protect the financial interests of children from a previous marriage or relationship by ringfencing certain assets for them . The existence of a professionally prepared nuptial agreement should save the uncertainty , time , money and stress of litigating the financial settlement in the future .
While nuptial agreements are not yet automatically legally enforceable in the UK and remain one of many factors that a judge will consider when presiding over a divorce , there are a number of steps that can be taken to ensure the agreement is as binding as possible for both parties . These include making sure the couple fully understand the implications of entering into the agreement and are doing so without undue pressure , making sure they have each had legal advice , and ensuring the couple have disclosed their financial circumstances to each other in full . Provided the agreement meets the needs of the less wealthy party and any children , significant importance will be attached to it by a judge on divorce .
It can often be difficult to broach the topic of a pre-nuptial agreement . The concept can be considered to be unromantic at a time when you are in love and planning your wedding , and can be an added pressure which puts strain on your relationship . However , providing the conversations are dealt with in a careful and sensitive way , they can be a useful means of exploring attitudes towards financial matters , and planning your future together . Discussing financial issues are often the most difficult conversations to have with your partner , and dealing with these at the outset of the marriage can put in place a good foundation for communication during the marriage . Being honest about your reasons for wanting a pre-nup can be a really positive step towards a strong marriage .
When marrying later in life , it is important to consider how you would provide for your spouse should you die before them . A will which mirrors the provisions of the nuptial agreement is essential to ensure your spouse is not left in a precarious financial position on your death . The inheritance prospects of children and grandchildren can be protected in the nuptial agreement and mirrored in the will , to support and clarify what should happen to certain assets .
The team at Cripps is highly experienced in dealing with all aspects of wealth protection , including by way of nuptial agreements and through estate planning . If you would like to discuss this further , please contact Claire Tollefson on 01892 506191 .
www . cripps . co . uk @ crippslaw
About Cripps
Cripps is a key regional law firm serving clients nationally and internationally from offices in Kent and London . Recognised countrywide for both its commercial and private client work , Cripps is listed as a top law firm by eprivateclient . The firm focuses on wealthier families , entrepreneurial businesses and the real estate sector .
Find out more at cripps . co . uk
This article gives examples and is intended for general guidance only .
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