Valentine’s Day is a time for grand romantic gestures, heartfelt proposals, and celebrating love. But while chocolates and roses make for lovely gifts, one of the most meaningful things couples can do is plan for their future together—both emotionally and legally.
With the highly anticipated return of Bridget Jones to our screens, love and relationships are once again in the spotlight. While Bridget may not be walking down the aisle just yet, her love life raises an important question: should she consider a prenuptial agreement? And what about couples who are cohabiting without marrying? These legal considerations are becoming increasingly relevant as more couples choose to live together longer before tying the knot or enter marriage later in life.
Why More Couples Are Saying ‘I Do’ to Legal Protection
Modern relationships are evolving. Couples are marrying later, cohabiting for longer, and often bringing significant assets into marriage. According to recent statistics, the average age of marriage in the UK is now 31 for women and 32 for men. Additionally, 9 out of 10 couples live together before they wed. This shift means that many partners already have established careers, assets, or even children from previous relationships before they say “I do.”
With these trends in mind, prenuptial agreements (prenups), postnuptial agreements (postnups), and cohabitation agreements have become essential tools for safeguarding financial interests and ensuring clarity in relationships.
What is a Prenup, Postnup, or Cohabitation Agreement?
- Prenuptial Agreement: A legal agreement signed at least 28 days before marriage, outlining how assets will be divided if the relationship ends.
- Postnuptial Agreement: A similar contract but created after marriage.
- Cohabitation Agreement: A contract for unmarried couples living together, setting out financial arrangements and property rights.
While prenups and postnups are not currently legally binding in England and Wales, courts will uphold them if they are fair, properly drafted, and meet both parties’ needs. If you sign one that has been properly prepared then you can expect that its terms will be binding on you both. A cohabitation agreement, provides crucial legal protection for couples who live together but are not married, as they do not automatically have the same legal rights as spouses.
Why Should You (and Bridget) Consider One?
- Safeguarding assets: With people marrying later, parties may have accumulated valuable assets before their marriage that they wish to ringfence. When drafting a pre-nup it is possible to safeguard certain assets which you owned before you married, such as business shares or a pension, provided that it does not impact on other parties needs.
- Providing clarity: The longer that couples are together, the more financially entangled they become, often sharing financial responsibility, for example a mortgage or bank accounts. A pre-nup allows for clarity on how wealth accumulated during the married, as well as before, will be divided in the event of a divorce, and can also set out other financial obligations. This will ultimately help avoid incurring unnecessary cost arguing over who gets what in the event that the relationship breaks down.
- Jurisdiction: If you are lucky enough to move outside the UK for some time during the marriage, it may be worth considering how the legal system in that country would differ if you were to issue divorce there. For example, in the UK the law is often generous to the weaker party, and will take into account that both parties reasonable needs are met, regardless of financial contributions made. To avoid potential litigation over which jurisdiction you were to issue divorce proceedings in, it may be worth including in a nuptial agreement.
- Provisions for children: If there are children from previous marriages, or relationship a pre-nup may also be helpful in safeguarding potential inheritance assets from being included as marital assets. For example, Briget has two children from her late husband Mark Darcy, and if she was to re-marry she may wish to include a provision that some of her assets are to be left for her children and will not be included in the share of matrimonial assets.
Why Valentine’s Day is the Perfect Time for This Conversation
While discussing legal agreements may not seem like the most romantic Valentine’s Day topic, it is a conversation rooted in care and long-term commitment. Just as we plan weddings, homes, and family goals, financial and legal planning should be part of building a secure future together.
For those who got engaged this Valentine’s Day, now is the perfect time to consider a prenup. For long-term partners who live together, a cohabitation agreement ensures protection and fairness. And for those already married, a postnuptial agreement provides similar peace of mind.
“There are so many legal considerations all couples should think and we really do need to take the stigma out of it as if ignored,
it could have disastrous consequences for separating couples. For example, more and more couples are choosing to live together without getting married, but many don’t realize that they have little legal protection in case of a breakup. A cohabitation agreement can outline financial arrangements and safeguard each person’s rights should the unforeseeable actually happen.
“Engaged couples often overlook prenups too, viewing them as unromantic or just for the rich and famous. They really do serve a purpose for everyone offering financial transparency and peace of mind, setting the foundation for a strong marriage. And, it’s not too late if you are already married as a postnuptial agreement can serve the same purpose.
“Having open conversations about financial security and legal protections strengthens relationships and ensures both partners are on the same page.”
– Vicki McLynn, Partner in the family law team.
How Slater Heelis Can Help this Valentine’s Day
At Slater Heelis, we understand that these conversations require sensitivity and expert guidance. Our experienced family law team is here to help you navigate the legal aspects of your relationship with professionalism and care. This Valentine’s Day, whether you’re considering a prenup, postnup, or cohabitation agreement, we can provide tailored legal advice to ensure your interests are protected.
If you’d like to discuss your options, contact our team today by filling out our online contact form or calling us on 03301732339.