Don’t wait until the last minute. You need time to get proper advice.
Typically, clients want the process to be cheap and fast. They are in love. What could go wrong? Two big things: separation or death. Providing advice on a marriage contract or cohabitation agreement requires a look at the law as it applies to the couple combined with a glance at the future. For example, how will the agreement fit in 1 – 5 – 10 – 25 years?
Generally, clients can picture outcomes from relationship breakdown after a year (assuming no children). The bigger challenge is to peer into the more distant future and consider various financial scenarios resulting from changes in wealth, health, income, employment status, child care and domestic responsibilities. The longer a couple stays together, the more entwined their finances become.
While it is entirely possible that the fortunes of both spouses head to the stratosphere, it is not always the case. One spouse may wind up far less fortunate at the end of a relationship. Relying on the promised generosity of a disenchanted former spouse or stepchildren is not a viable financial plan. On the other hand, ensuring both spouses have access to legal advice avoids the argument that one person did not understand the agreement or how much they were giving up.
Contact us to discuss how we can assist if you and your partner are thinking of getting married or moving in together.