Which is better: to solemnize the marriage contract with the fiancée after a period of engagement, and then for the consummation to take place after another period, or for the contract and the consummation to be at the same time?

If there are no reasons to delay consummation beyond the marriage contract, then it is preferable not to separate them, because the شرعي (legally prescribed) objectives of the contract are realized through consummation, not merely by the contract itself. The more the spouses are in need of marriage, the more preferable it is to shorten the period between the contract and consummation. However, شرعي (legally prescribed) interests or customs might necessitate delaying consummation, such as the young age of the woman or the man's circumstances. In such cases, a balance must be struck between the objectives of the contract and the incidental interests. An example of this is the marriages of the Prophet, peace and blessings be upon him, who delayed consummating his marriage with some of his wives for certain interests. In the absence of a specified duration for the delay, custom serves as the reference.