There are lots of stories in the new about the wedding of Princess Eugenie and then the comments of who is paying for what: https://www.bbc.co.uk/news/uk-45746452
Most couples are not looking at a spend at the level of a member of the Royal Family but it can get expensive. A survey of 4,000 brides by Hitched found that the average spend on a wedding is £27,161 and the average cost of a venue is £4,354.
So, who is paying for it? From those I have spoken to, it is either a mix of the couple themselves and their respective parents or the couple are funding it between them. What is one family pays for the wedding or one of the couple as a main wage earner pays and then things don’t work out as they should?
This is something a prenuptial agreement can help with. Prenuptial agreements are often seen as the ‘enemy of romance’ but I think differently. If you cannot have the difficult conversations about money, children, expectations etc. when you are in the hearts and roses phase of the romance, you certainly will not find those conversations any easier if things have gone wrong in your relationship.
If your mum and dad are using a big portion of their savings to fund your wedding, how would you feel if the relationship went wrong and you were separating before you reached the 5 year anniversary? If you or your mum and dad paid for the lion’s share of the wedding, would you think there should be an evening up of contributions if things went awry?
Prenuptial agreements can also deal with what should happen if you are getting married and you each have assets already in your own name or if there is a contribution by parents. A prenuptial agreement means that you can say what you want to happen instead of leaving it to a court or arbitrator to decide. You can review and revise the prenuptial agreement during your relationship and you can decide to bring it to an end if you want to after you have been married for a while. You are not signing your life away – but you should not sign one unless you understand you will be held to it and you are happy with that.
If you think this is something for you to discuss, contact us. No obligation, just a discussion through your options.