Relationship Strategies

No one enters into a relationship expecting it to fail or planning for it to fail and no one thinks that formalising financial arrangements in relationships is romantic!

However, carrying out such planning can in fact save a lot of heartache later on if you both know exactly where you stand from the outset.

There are various ways that such planning can be effective and these are some of the ways that this can be done.

1. Pre-Nuptial Agreements

2. Cohabitation Agreements

3. Post-Nuptial Agreements

4. Parenting Plans

5. Holding Property Awareness

Pre-Nuptial Agreements prepared in contemplation of marriage have been used more in modern times as individuals bring more assets to a relationship and relationships have changed. It may be that one party has family assets or property that they want to protect for their children and forward planning can prevent difficulties later on.

Whilst pre-nuptial agreements are not 100% binding in the UK they are likely to be adhered to if they follow certain procedures before completing.

The same applies to a post nuptial agreement completed after marriage. There is no reason why such an agreement cannot be prepared at a later date to establish a setting.

The case law surrounding this is detailed and any matter needs specialist personalised advice to try to ensure that it is adhered to.

Cohabitation agreements can be vital in protecting assets and avoiding future issues. They are a formal contract setting out each person’s entitlements and require being open and transparent regarding what already exists now and what happens with it later. Such agreements allow both parties to be fully informed should the relationship break down.

Parenting Plans are a formal document that can be drawn up by parents when together, separating or separated to set out the way that they parent their children. They can cover many issues such as schooling, medical issues, holidays and day to day care to try to avoid any conflict in the future. Such planning can provide a clear road map for the future to avoid problems before they occur in the best interests of the children. Clear planning could avoid lengthy and expensive court proceedings.

Holding property can be an issue when married or unmarried couples own property jointly or separately. It is best to be transparent about this but also to plan ahead whether you wish your partner to benefit from any jointly owned property equally in life or in death. This is a technical area considering legal concepts such as joint tenancies or tenancies-in-common.

This can be very important particularly when one party has help from a parent to buy property. Parents provide funds to help their child secure a foot on the property ladder. They do not necessarily want their child’s former partner to benefit from half of that if they later separate. This is becoming more common and can be addressed ahead of time in relationship and property planning.

All of these issues require specialist detailed advice as every situation is different but planning ahead can make matters easier later and avoid unpleasant surprises in the future.