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To marry or not? Long-term financial implications
NKS
Posts: 37 Forumite
I'm looking for somewhere to start working out the long-term financial implications of getting married, due to a slightly unusual set-up. Any advice much appreciated.
My partner is 60 and I am 41. We live next door to each other in mobile homes each of us own (which is how we met). We are happy pottering along as we are, but would prefer to be married - even if we carry on living next door to each other as now!
He has worked and paid into the system since he was 16, but is now on a very low income due to a career change after redundancy which wiped out his savings. In future years he might be needing care, or other help from the state which if he was on his own would be a given. I'm the main earner and neither of us have dependent kids, and of course I'm happy to support him. I'm NOT trying to work out how to cheat the system. But...
Because I realise there may not be a state pension of any worth when I come to retire, I'm wanting to buy a house to rent out if I can, as my pension investment. We're concerned that if I do this and then he needs care or something, the government will have any 'marital property' like this off us to pay for it. As partners most benefits would be the same whether or not we are married (is this so even if we don't share a home?), but I'm trying to find out whether we'd be at a financial disadvantage getting married in terms of legal stuff around property and assets.
If it makes no difference at all, then we will marry. If it does, then we'll happily live in semi-detached sin. I'm happy to be the breadwinner, but it would be a shame for him to be denied the right to get something back from 50 years of paying dutifully into the Welfare State just because of a ring and a piece of paper, if that was the only issue!
Many thanks for any advice!
My partner is 60 and I am 41. We live next door to each other in mobile homes each of us own (which is how we met). We are happy pottering along as we are, but would prefer to be married - even if we carry on living next door to each other as now!
He has worked and paid into the system since he was 16, but is now on a very low income due to a career change after redundancy which wiped out his savings. In future years he might be needing care, or other help from the state which if he was on his own would be a given. I'm the main earner and neither of us have dependent kids, and of course I'm happy to support him. I'm NOT trying to work out how to cheat the system. But...
Because I realise there may not be a state pension of any worth when I come to retire, I'm wanting to buy a house to rent out if I can, as my pension investment. We're concerned that if I do this and then he needs care or something, the government will have any 'marital property' like this off us to pay for it. As partners most benefits would be the same whether or not we are married (is this so even if we don't share a home?), but I'm trying to find out whether we'd be at a financial disadvantage getting married in terms of legal stuff around property and assets.
If it makes no difference at all, then we will marry. If it does, then we'll happily live in semi-detached sin. I'm happy to be the breadwinner, but it would be a shame for him to be denied the right to get something back from 50 years of paying dutifully into the Welfare State just because of a ring and a piece of paper, if that was the only issue!
Many thanks for any advice!
0
Comments
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A married couple can have only one principle private residence between them. This has implications for Capital Gains Tax if you sell a property a long time after you married. There are various reliefs available (google 36 month rule and letting relief and CGT allowance for starters), but something to bear in mind.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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