July 25, 2019
Ahhh February. A romantic month, with Valentine’s Day and Marriage Week all snuggled up in the middle. In the office, romance, at times, hangs heavy in the air. Some make intricate plans and surprises for spouses and partners. Others look forward to being the surprised and delighted party. While a certain further contingent, put frankly, remember the “day of love” at the last minute and pop to the garage for some flowers and a card…
Full marks for the staff member who is handcrafting a card for her loved one on the basis she has no car to shop for one and it is snowing outside. Ahhh love knows no bounds!
Big tick goes to the staff member who is cooking a carefully thought through meal for his wife. This person is known for his cooking prowess (move over J Oliver!) so it doesn’t surprise us that he is sourcing ingredients locally today.
On a more serious note, we read this week that the number of couples taking out “no nups” is soaring. ‘No nups’ are aimed at the increasing amount of couples who live together before getting married. Like pre-nuptial agreements (and often called “cohabitation agreements”), no nups can help couples to discuss and agree what happens to assets should they spilt as well as lay out who pays for what in terms of bills and expenses during the relationship.
A “try harder” badge goes to someone who has not only failed to plan romantic gestures for her partner but has also secured his agreement to ignore Valentine’s Day completely! Mind you, she is pregnant, so surely that is the ultimate romantic gesture?
The growth in these contracts is a sign of our times as social trends have to adapt in response to economic realities. More and more couples co-habit rather than marry as this is a cheaper option. More and more couples need the financial support of their parents to pull together a deposit for a house.
And if you’re in the position of “supporting parent”, what if you want to help your child but you’re not exactly 100% in love with their choice of life partner?
If you give money to your child, to put towards a house deposit for example, a cohabitation agreement can take this financial input into account if their relationship breaks down. Parents may then consider further legal advice if they’d like full financial protection, by way of a “deed of trust” to legally protect their money.
It’s fair to say that most co-habiting couples don’t think about protecting themselves if things fall apart. However, many more would if they saw how simple the process is to set up a cohabitation agreement. This is an area of law we think will grow. Some may see that as a sad thing. We see it simply as taking sensible and practical steps to safeguard you and your family’s future – whether you’re a supporting parent or the one in the relationship.