Matrimonial solicitor Kathy McQuillan highlights the key practicalities to consider if you’re getting married
Matrimonial solicitor Kathy McQuillan highlights the key practicalities to consider if you’re getting married
In the UK, a marriage is widely recognised as a “union” between two people and often associated with the joining of two families. It formally makes the change from you or me to an us. However, whilst those in the pre-wedding bubble are excitedly planning for their big day, and the rest of their married life thereafter, it is common for people to forget that a marriage is also a legally binding contact, voluntarily entered into between two people.
If one was to enter into a contract relating to purchasing a property or during the course of business for example, it is widely accepted that person would obtain legal advice as to the rights and responsibilities associated with the terms of said contract. This course of action does not appear to extend to those entering into a marriage and sadly, most people do not seek advice until they reach the point of separation, which may in many cases be too late.
If you are thinking of taking that next step with a partner then the question to ask yourself is, do I really know and understand what my rights and obligations are or will be once I am married? What will happen if the relationship breaks down? What are my rights but also my obligations?
If the answer to those questions is no, or you are unsure, then you may wish to seek specialised advice. Knowing all of the facts before you enter into any contractual relationship is essential and may open up avenues to discuss what could happen in the event of the relationship breakdown. Of course, those kinds of conversations are unattractive and nobody wants to go into a marriage thinking that it may break down at some point in the future, but the reality is that these things do happen. Information obtained from the Office for National Statistics show that around 1 in 6 (16.8%) marriages formed in 2013 had ended in divorce by their 10th wedding anniversary.
What rights and responsibilities do I need to be aware of if I am thinking of entering into a marriage? The first point to be aware of is the unionisation of assets and liabilities extending to things such as:-
- Property
- Cash, savings and bank accounts
- Pensions
- Inheritance
- Debts
- Tax benefits
- Rights relating to children
The above is joined together until such time a marriage is dissolved by way of divorce and a clean break financial order.
Property, savings and other assets
Once married, assets are generally considered to be jointly owned and this can, in certain circumstances, extend to assets acquired both pre and post marriage. If there are certain assets you would like to protect, such as a deposit to a house from parents, then you may benefit from taking specialised advice. Additionally, both spouses would have a right to occupy the marital home even if they are not the legal owner.
Pensions
Pensions are also generally considered to be marital assets and are subject to division upon divorce. The division of these assets depend on various factors such as type of pension, value, length of marriage, etc. But is often the asset that most people wish to protect for their future.
Inheritance
Given you are legally and financially tied with your spouse, they would inherit any assets owned by you in the event that you predecease them unless there is a valid Will stating otherwise. Even with a Will, your spouse may also be entitled to claim against your estate. It is also important to note that if you have a Will then getting married will invalidate it. It is therefore important to seek specialised advice in respect of a Will upon marriage or divorce.
There are also considerations relating to widower’s benefits in respect of pensions, life insurance and death in service that will usually fall to the surviving spouse.
Debts
Debts accrued during the course of the marriage are often considered to be matrimonial debts and in many cases joint and severally liable.
Tax
There are certain tax benefits to married couples which include personal tax allowances and inheritance tax allowances.
Children
With regard to children, if you are married to the birth mother it is likely you will automatically be granted parental responsibility. This is not the case for unmarried families where the father is only able to obtain parental responsibility by jointly registering the birth with the mother, getting a parental responsibility agreement with the mother, or obtaining an order from the court.
Essentially, it should be standard practice to seek advice before entering into a marriage just as one would with any other legally binding agreement or contract. Taking advice at an early stage can lead to effective discussions and planning. Upon taking advice, you may wish to enter into pre or post nuptial agreements whilst the relationship remains ongoing.
Additionally, if you have any questions about what may be considered matrimonial or non-matrimonial property, or how marital assets are split upon divorce and you are unsure of what steps to take then call us on 0151 236 8871 or email info@morecrofts.co.uk.