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How to discuss prenuptial agreements with your fiancé

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Made by a couple before marriage, a prenuptial agreement sets out the ownership of assets to guide what would happen financially should you separate in the future. While it’s sometimes considered unromantic to protect your finances while you’re still together, there can be many benefits of doing so, especially as there are often financial challenges when dealing with divorce

Understanding the importance of prenuptial agreements

Prenuptial agreements are flexible documents that enable you to draw up a contract that’s tailored to your assets. As well as protecting any individual finances such as inheritance, they can offer protection against any debts your spouse has, meaning you won’t be responsible for their finances should you separate. You can also update and amend the contract in the future should your circumstances change. 

Are prenuptial agreements legal? 

While they’re not strictly legally binding, these contracts are taken into account by a court should you enter divorce proceedings. The court will consider, along with other factors, whether the contract is fair and whether it was entered into freely by both parties. 

Raising the topic of a prenup 

It can be difficult to broach the subject of drawing up such a contract but there are ways to address it to make it easier. 

Choose a time when you’re both relaxed and don’t need to be anywhere urgently. A private setting, such as the home, is the ideal place. It’s a good idea to approach it from a positive stance, explaining how an agreement can work for both of you in the long-term. It’s important to express your views while listening to any concerns or questions your fiancé has. 

Key points to cover 

It’s essential to explain that the prenup will protect your spouse’s assets as well as your own. You might also want to discuss any future plans such as children, businesses and property and how they might be protected financially with the agreement. 

Although it might be difficult, it’s a good idea to talk about any debts either of you might have so you can agree on how to fully protect your assets. 

Legal guidance and professional support

During your conversation, it’s wise to stress the importance of seeking legal advice from family law solicitors to ensure that the prenuptial agreement is fair, comprehensive, legal and tailored to both parties’ needs. 

Experts can ensure you include all the relevant factors in your contract and can advise on when you might need to update or review your agreement. 

Although, on the surface, drawing up a prenup can seem cynical and unnecessary, it can be a valuable tool that offers both of you financial protection should anything happen in the future. 

Business

Role of Tourism Minister disappears – again

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WELSH tourism leaders have once again found themselves in the position where they have to ask a new First Minister to appoint a Minister with explicit responsibility for Tourism, following the recent Cabinet reshuffle.

The Wales Tourism Alliance, together with the Chairs of Welsh Government’s own Regional Tourism Fora wrote to Eluned Morgan when it was unclear what had happened to the express reference to a tourism Minister or Deputy Minister as in the past. The letter was also signed by Wales’s main independent destination management and marketing organisations; Visit Mid Wales, Visit North Wales and Visit Pembrokeshire. Representatives of the primary sectors within the industry, notably accommodation, added their signatures, as did representatives of the rural and retail economies of Wales.

Suzy Davies, Chair of the Wales Tourism Alliance said: “It’s a shame we have to make this case yet again. Unlike other nations of the UK, responsibility for tourism as an industry – it’s not just promotion – is retained within Welsh Government. It’s not an arms length body with the ability to make its own partnerships to raise money, or with a route to change leadership without a Senedd election.

“As a result it needs a Minister who has the time and focus to lead, find resources, accept accountability and champion the industry at Cabinet level.

“In the meantime, we welcome Rebecca Evans to her role as Cabinet Secretary for the Economy and look forward to meeting her soon. Tourism has faced yet another difficult year, with the poor weather really not helping to extend the season on top of well-rehearsed challenges around the cost of doing business, the pressure in holidaymakers’ own purses, and a slew of government policies, so we need that champion within Welsh Government.

‘’It will also be a chance for us to reinforce our position that the relationship between governments and the tourism industry should not be about setting fires and putting them out. It’s less exhausting and more productive to give weight to industry voices as we saw during lockdown. We all want our industry to prosper safely, sustainably and responsibly.

“We also hope that looking at policy through the lens of the economy rather than the finance brief will be a help in understanding the value of the tourism ecosystem; its role in a number of areas of government policy, and why it’s so important to protect it from collateral damage as well focusing on Visit Wales’s much-appreciated promotion work.”

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Business

Welsh Secretary champions world-leading compound semiconductor cluster

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SECRETARY of State for Wales, Jo Stevens, has commended Newport’s compound semiconductor cluster for its significant contribution to the UK’s economic prosperity while exploring avenues for its continued growth.

Compound semiconductors are integral to a multitude of products, including electric vehicles, solar panels, and smartphones. These materials are expected to play a critical role in the evolution of emerging technologies such as driverless cars and artificial intelligence.

During her visit, Stevens witnessed the cutting-edge research and innovation taking place at Newport’s compound semiconductor cluster. She met with staff at CSA Catapult and CSconnected, part of the South Wales Semiconductor Cluster, and was given a tour of their state-of-the-art facilities.

CSA Catapult is recognised as the UK’s leading authority on compound semiconductor applications. The organisation collaborates with industry, start-ups, and academic institutions to advance research and bring commercially viable solutions to market.

A recent report from the Welsh Economy Research Unit at Cardiff University revealed that CSA Catapult’s projects have created or safeguarded over 4,000 jobs from 2019 to 2023. This includes the creation of 1,325 full-time positions, contributing an estimated £600 million in gross value added (GVA) to the UK economy.

Welsh Secretary Jo Stevens told The Pembrokeshire Herald: “Wales has incubated this high-tech, world-leading industry in Newport, which has so much potential for the future. Their work forms a critical part of the technology we rely on day-to-day, but also makes a huge contribution to our clean energy ambitions and even national security.

“The compound semiconductor cluster is vital for our economy, with innovative businesses supported by the Catapult creating high-skilled, well-paid jobs that bring prosperity and opportunity to South Wales.

“We will back innovative businesses like this to the hilt as we fulfil the UK government’s mission to drive economic growth.”

Howard Rupprecht, Director of CSconnected, said: “We have seen exceptional economic growth over the last five years as our local industry takes advantage of a semiconductor market that is set to surpass $1 trillion per annum by 2030.

“Our semiconductor jobs are knowledge-intensive, highly paid, and are very ‘sticky,’ not being susceptible to global ‘offshoring’. We are positioned to further accelerate growth through the SE Wales Investment Zone and look forward to working with the UK government on the development of their forthcoming Industrial Strategy.”

Martin McHugh, Chief Executive Officer of CSA Catapult, added: “We were pleased to be able to show the Secretary of State our facilities and how our work contributes to the local Welsh and UK economies. Through our collaborations with organisations in Wales and across the country, we’re helping to create growth and safeguard jobs and are making a significant contribution to the UK’s productivity.”

The compound semiconductor cluster in Newport continues to position Wales as a leader in this crucial technology sector, promising further economic growth and high-quality job creation in the years to come.

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Business

Carmarthenshire celebrates 60% gigabit connectivity milestone

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THE RURAL Welsh county of Carmarthenshire is celebrating a major achievement in its quest for improved digital infrastructure, as it reaches the milestone of 60% gigabit broadband connectivity. This is a significant leap from just 25% in 2021, marking a pivotal step in the region’s digital transformation.

The Swansea Bay City Deal’s Digital Infrastructure Programme has been instrumental in driving this progress, with a focus on enhancing broadband access in hard-to-reach areas. The success is largely attributed to the county’s Digital Champions, who have worked tirelessly with stakeholders, including alternative network providers (AltNets) Voneus and WeFibre, mainstream providers like Openreach, and local communities. Their efforts have been key in raising awareness of the benefits of high-speed connectivity and how to achieve it.

Carmarthenshire’s commitment to its ‘connectivity through collaboration’ ethos has been a cornerstone of its strategy. By strengthening digital infrastructure, the county aims to ensure reliable connectivity for all residents and businesses, promoting both social and economic growth.

Cllr Hazel Evans, Cabinet Member for Regeneration, Leisure, Culture and Tourism, praised the achievement:
“This is a huge leap in progress for a county that has many harder-to-reach areas. It’s encouraging to see so many more people now have the improved connectivity needed to thrive both socially and economically. I’m confident that we shall take this much further to achieve a fully digital inclusive Carmarthenshire in the future.”

The achievement not only offers immediate social and economic benefits but also opens the door for further inward investment, particularly in sectors like tourism and agriculture that stand to benefit from emerging technologies.

The county’s success has been bolstered by close collaboration with the UK Government’s Department for Science, Innovation and Technology (DSIT) and the Welsh Government. These partnerships have facilitated crucial funding streams and empowered local communities to advocate for better digital infrastructure in their areas.

Behind the scenes, the work of Carmarthenshire County Council has been integral to reaching this milestone. Key contributors include supportive community and county councillors, as well as the planning, infrastructure, and highways departments, all of whom have played a role in the successful delivery of broadband projects.

Simon Davies, Head of Economic Development and Property at Carmarthenshire County Council, lauded the collective effort:
“Reaching the 60% full fibre milestone in the county is a fantastic achievement. It wouldn’t have been possible without the dedication of our Digital Champions and the collaborative efforts of numerous internal departments. Working closely with the Digital Infrastructure Team, I’m certain we will continue to increase that percentage, ensuring no one is left behind.”

Carmarthenshire’s journey towards digital inclusion is already having a marked impact. With 60% gigabit connectivity now a reality, the Digital Infrastructure Programme team is aiming even higher, working in collaboration with UK Government initiatives such as Project Gigabit. The goal is to position Carmarthenshire as a leading digital county, supporting the prosperity of its businesses and communities.

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