There are a number of notable events which can shape our adult lives and those of others too.
Entering into or ending relationships (whether marriage or cohabitation), buying a home and having children are commonly regarded as milestones.
It should be said that all come with costs attached. Given that fact, we perhaps should not be surprised by fluctuations in the number of marriages, births and home purchases whenever there is economic uncertainty.
That point has been reinforced by the results of research recently undertaken by one of the UK’s leading financial advisors, St James’s Place.
It has found that “a significant number” of men and women aged between 18 and 34 have been forced into rethinking their priorities because of money worries (https://www.sjp.co.uk/media-centre/latest-news/18-34-year-olds-putting-life-plans-on-hold-due-to-financial-pressures).
The survey found that in addition to putting off plans to change job or buy a house, individuals are reconsidering whether to have children, marry or even divorce.
These conclusions chime with many people who have been impacted in the last few years by a rise in the cost of living.
There are those who might consider postponing these decisions as a victory for logic over rose-tinted romance.
Deciding to delay seems even more reasonable when we consider that the average UK home now costs £269,000 – with the value in London more than double that (https://www.gov.uk/government/statistics/uk-house-price-index-for-may-2025/uk-house-price-index-summary-may-2025)
Even if we accept that many individuals have neither the means nor the inclination to follow the example of Jeff Bezos’ lavish nuptials, the bill for an average UK wedding exceeds £20,000 – and that’s without taking rings and a honeymoon into account (https://bridebook.com/uk/article/the-ultimate-wedding-budget-breakdown#:~:text=The%20average%20amount%20spent%20by,the%20engagement%20ring%20and%20honeymoon).).
Furthermore, data from the Child Poverty Action Group has revealed that the cost of raising a child to adulthood in this country averages £260,000 (https://cpag.org.uk/news/cost-child-2024).
Together or individually, that information is cited as to why couples are now more likely to cohabit than tie the knot.
Figures newly released by the Office for National Statistics (ONS) shows that the number of opposite and same-sex cohabiting households has risen by almost 50 per cent in the last two decades (https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/families/bulletins/familiesandhouseholds/2024).
When it comes to those not looking to forge relationships but end marriages, the length of time taken to divorce may also be a factor.
The Ministry of Justice (MoJ) says that it now takes 16 months on average from issuing an initial application to being granted a final order (https://www.gov.uk/government/statistics/family-court-statistics-quarterly-january-to-march-2025/family-court-statistics-quarterly-january-to-march-2025).
Some of that time will, of course, be taken up with discussions about the division of marital assets.
The large volume of work handled by family courts – according to the MoJ, they handled almost eight per cent more new cases (260,592) last year than in 2014 – can unfortunately mean those talks take longer than anyone would want.
That is why there is such interest among applicants, politicians, the judiciary and family law practitioners in trying to settle matters privately via one of a number of non-court dispute resolution (NCDR) methods.
At the same time, there has been a move to simplify negotiations about how best to split assets, a ‘fast-track’ pilot which is currently underway in various parts of England and Wales (https://www.gov.uk/guidance/what-to-expect-if-you-are-in-the-express-financial-remedy-pilot).
It aims to streamline the financial remedy process for couples with assets totalling less than £250,000.
Whilst that relates to marriages, I should point out, though, that deciding to cohabit does not come without risks too. After all, it is true that relationships of all types fail.
When unmarried partners separate, things can be even more complicated due to the absence of a legal framework governing how they unpick their affairs.
With – for the time being, at least – no family law rights comparable to those of married couples, cohabitees often find themselves obliged to pursue financial claims against each other under property law – in particular, the Trusts of Land and Appointment of Trustees Act 1996 (or ToLATA, for short) (https://www.legislation.gov.uk/ukpga/1996/47/contents).
Life can be uncertain enough and the prospect of any uncertainty is rarely welcomed by individuals starting out on a life together.
That is why myself and my colleagues at Hall Brown now see more and more couples looking to formalise the terms by which they set up home together in order to reduce the potential for discord should their relationships not last the distance.
Where once nuptial and cohabitation agreements were thought unromantic or for those with great wealth, they are increasingly regarded as routine, valued and practical, in much the same way as insurance policies are a necessary part of guarding against other eventualities that we hope will never happen.
No-one can accurately predict what – good or bad – might be around the corner.
I would suggest that planning to avoid having the kind of life goals identified by St James’s Place being derailed is, therefore, no bad thing.
