Benefits to being married?

pugzy

Hello everyone,

Pretty random question and probably pointless too, but having been married since September 2011, I've wondered if there are any actual financial benefits where being married pays off, as opposed to being simply partners?

I swear I heard something a while back where saying that if you were married, you could claim or certain things were reduced somewhat?

...or was I just fed !!!!!!!!?!

If ya don't ask, ya don't get and all that malarky

DylanO

No. Until you divorce, and then if you're the lower earner, you'll be thrilled, and if you're the higher earner, you'll be terminally depressed.

blue_haddock

Does it really matter if you live for the 6???

benb76

You can share your capital gains tax allowances IIRC. Other than that I don't actually see what marriage does these days, other than give an excuse for a big party!

pugzy

blue_haddock wrote: »

Does it really matter if you live for the 6???

Lol, that went years ago, and even more so since the club charges :rotfl:

JustinCredibleGillespie

I did hear a few years ago that a married couple pay less tax, dunno if thats true or not. I'll have to look into it in July when I take the plunge.

JCG

xx

jackieblack

pugzy wrote: »

Pretty random question and probably pointless too, but having been married since September 2011, I've wondered if there are any actual financial benefits where being married pays off, as opposed to being simply partners?

It makes it simpler if you die intestate

rpc

You have a legal and financial relationship. Partners are not necessarily next of kin while spouses are, the rules are significantly different when you die, your assets become joint, men automatically gain PR over children, etc etc.

There are not many areas that change, but where the changes happen they are huge. You won't notice it in day to day life, but when something major happens (divorce, death, even serious illness) things can be very different.

MrsManda

married tax allowances are a thing of the past though there has been talk over the last few years of possibly allowing married couples to share their personal tax allowance - doubtful that this will happen though.

As rpc said, day to day there's no financial benefit to being married but it does make you more secure should something happen such as of a breakup of the marriage or should one of you die.
There's no inheritance tax payable if one person dies leaving everything to their spouse and inheritance tax thresholds can be transferred between spouses.

http://www.hmrc.gov.uk/inheritancetax/intro/basics.htm

Mojisola

Being the legal next of kin is really important. You can organise this if you're not married but most people don't.

I've heard really sad stories about a long-term partner being taken into hospital as an emergency, his parents turning up and the partner being completely cut out - not married, no relation. It can be even worse if an unmarried partner dies - blood relations can organise the funeral and the partner doesn't even need to be told when and where.

peachyprice

JustinCredibleGillespie wrote: »

I did hear a few years ago that a married couple pay less tax, dunno if thats true or not. I'll have to look into it in July when I take the plunge.

JCG

xx

Don't hold your breath. The married persons tax allowance was abolished many years ago.