For more information on how to overcome the difficulties of ‘blended’ families, get in touch with our Family & Relationships team today on 01284 767 766
‘Blended’ families are becoming increasingly common as couples who have children from previous relationships decide to marry or co-habit.
But, if you’ve already been through a breakdown of a relationship, or the loss of a partner, you’ll know that sorting out matters at the end of a relationship can be very difficult and upsetting. This can be even more challenging for ‘blended’ families.
There are steps you can take to minimise the potential for conflict in the event that you separate or in the event of the death of you or your partner:
These are largely designed to help you and your partner set out the arrangements for how you’re going to manage your finances, and any other matters you wish to include, during your relationship. Are you going to have a joint bank account? Who is going to pay the mortgage or pay for the weekly groceries?
They can also be used to set out your intentions in the event of your separation, but on its own a Living Together Agreement can be difficult to enforce so you may also need a Declaration of Trust. We will advise you if we think this is necessary.
For more information take a look at our Living Together Agreements Insight
Pre or Post Nuptial Agreement
If you’re planning on marrying your partner, or are already married, then a Pre or Post Nuptial Agreement would be better for you than a Living Together Agreement. These can set out the day to day arrangements but also set out the division of assets in the event that the marriage breaks down. If properly drafted and entered into freely, following independent legal advice the Family Court will uphold the agreement in divorce proceedings. This enables you to preserve any assets you’re bringing into the new relationship in the event that your relationship sadly breaks down.
For more information take a look at our Prenuptial Agreements Insight
Declaration of Trust
If you’re buying a property with your new partner you may wish to consider buying as Tenants in Common and entering into a Declaration of Trust to set out and define the percentages of your investment. If one of you providing all of the deposit, or paying for improvements, or there is some other reason you may wish to ensure that in the event of any subsequent sale of the property this is accounted for in the division of any net sale proceeds.
Depending on your circumstances a Declaration of Trust can be quite simple or it can be more complex and allow for life interests. We can advise you on what would be best for you and your family.
For more information take a look at our Purchasing a Property in Joint Names Insight
Everyone should have a valid up to date Will. For ‘blended’ families a Wills are vital to set out the division of assets in the event of the death of you or your partner. Arrangements for any dependant children can be particularly complex but we can guide you through the process and help you and your partner set out provision for your dependants.
For more information, take a look at our Guide to Making a Will insight
© Atkins Dellow LLP 2022
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