Congratulations to anyone who may be intending to ‘pop the question’ over a romantic candle lit meal this evening.
To those of you who consider yourself ‘unromantic’ or think it all to be ‘a bit of stuff and nonsense’ or ‘created by florists to make more money’, and yes I have some sympathy for that view, bear in mind there could be costly implications – and that’s not just the ring!!
Unmarried couples are not recognised as a legal entity and this becomes even more of an issue where children are involved. Legally, you become stuck in no-man’s land somewhere between land and complex trust law and in the event the relationship breaks down, you could find yourself in all sorts of problems and not just of the emotional type. Who gets the CD collection will be the least of your worries!
It’s far better to try and get things in order at the outset, to provide both of you with some degree of reassurance before it gets to the stage of arguing over what’s what:
• The first, a Cohabitation Agreement deals with the ownership of assets and the distribution of these.
• Second, a Declaration of Trust reflects the contribution of each individual to any assets such as property.
• For those in business together, a Partnership Deed, which deals with each party’s interest in the business.
• Finally a Will. Cohabitees are not entitled to automatically inherit from their partner’s estate. If you wish your partner to inherit, particularly any assets jointly owned, you need to have a Will in place.
For further information or to book a strategic session with Iain, please contact Jacqueline on 0191 6030 270 or email admin@iainwallis.com.
