The decision to re-marry is often accompanied by a mix of excitement, hope, and the promise of a fresh start. However, amidst the emotional whirlwind, it is crucial to consider the potential implications for your financial future.
One critical aspect that often goes overlooked is the failure to make a financial claim before entering into a new marriage.
This article explores the significant impact of not making a financial claim before re-marriage and highlights the importance of protecting one’s financial interests.
Loss of entitlements
By not making a financial claim prior to re-marrying, individuals may unknowingly forfeit certain entitlements or rights they would otherwise be entitles to under existing laws. In many jurisdictions, individuals who divorce may be entitles to financial support, property division, or pension benefits.
However, once re-marriage occurs without addressing these matters, the opportunity to claim such entitlements is often lost.
Advice from Experts
Leading Family Law solicitor Rob Milner, suggests, “Before considering re-marriage, it’s crucial to consult with a legal professional who can guide you through the process of making a financial claim.
They can help you understand your entitlements and how to best protect them.” Dootsons Head of Family Law, Angie Brown, echoes this sentiment, emphasising that “a comprehensive financial plan can safeguard your assets and future financial health.”
Failing to make a financial claim before re-marriage can leave individuals financially vulnerable, particularly in the event of future separation or divorce. Financial circumstances change, and relationships can sometimes end unexpectedly.
By not addressing financial matters proactively, individuals risk finding themselves in a disadvantaged position when it comes to protecting their assets and securing their well-being.
Step-by-Step Guidance on Making a Financial Claim
Making a financial claim is a process that requires careful planning and action. Start by seeking professional advice to understand your rights and potential entitlements.
Once you have this information, compile all relevant documentation, such as asset appraisals, tax returns, and pension statements. From there, your legal counsel can guide you through filing a claim and negotiating a settlement.
Implications of Common Financial Claims
Financial claims can encompass several aspects. Spousal maintenance, for instance, is a claim that can ensure ongoing financial support. Property division can secure a fair share of assets accumulated during the marriage.
If you have a pension, this too can be subject to division. Understanding these claims and their implications can help you make informed decisions about your financial future.
Complex property and asset division
When re-marriage occurs without settling property and asset division from previous relationships, it can complicate matters in the future. As new assets and debts are accumulated, it becomes increasingly difficult to separate and protect individual interests.
This complexity can lead to protracted legal battles, emotional stress, and potential financial losses. By making a financial claim before re-marriage, individuals can secure their existing assets and protect themselves from potential disputes down the line.
The Role of Prenuptial Agreements
While making a financial claim on a previous marriage is essential, taking proactive steps for the future is equally crucial. This is where prenuptial agreements come into play.
Although not strictly legally binding in the UK, a well-drafted prenup, where both parties had independent legal advice, can carry significant weight in a divorce settlement. It can help to outline what assets will remain separate or become marital property in the event of a divorce.
If you’re considering a prenup, consult with a legal professional to understand its potential benefits and limitations.
Impact on children and inheritance
Re-marriage often involves blended families, with children from previous relationships becoming part of the new unit. Failing to make a financial claim before re-marriage can have long-lasting consequences for children and inheritance.
Without clear financial arrangements, the interests of children from previous relationships may be compromised, and their inheritance rights may be diminished. By making a financial claim, parents can ensure their children’s financial security and safeguard their future interests.
Always Make Sure You Seek Advice
The decision to re-marry should not be taken lightly, especially when it comes to financial matters. Failing to make a financial claim before re-marriage can have far-reaching consequences, leading to loss of entitlements, financial vulnerability, complex property division, and implications for children and inheritance.
It is essential for individuals contemplating re-marriage to consult with legal and financial professionals to protect their interests and secure their financial well-being. By taking proactive steps to address financial matters before entering a new marriage, individuals can navigate their new chapter with confidence and peace of mind.