Unmarried - does it matter?

atush

LazyDaisy is only too correct.

Not only could you lose out on his pension by not being married (and if he hasn't filled out his declaration) but if the house is in his name, you would not inherit it nor anything else he has in his own name like bank accts, ISAs and the like. At least you have children and they would inherit (rather than his parents or sibling) but I have seen that happen too.

Also, should you split, again you will have less claim on any of his assets, and cannot expect any settlement like you see in divorce. Something for you to ponder.

So, if you can't/won't marry then you both need wills, fill out declarations for any pensions etc. Put accts that can be in both names etc. Make sure the CB is in your name for NICs.

Also, do remember that as a non working mother (or any person) you can still put in up to 2880 a year into a pension, that the govt will round up to 3600. It is important that you have a pension in your own name too. Even if you stay together forever, you each have a personal allwoance to use up, and if you have no pension income your PA could be lost.

grey_gym_sock

well, who said that romance was dead?

CLAPTON

grey_gym_sock wrote: »

well, who said that romance was dead?

romance is about sex, flowers, wine etc


marriage is about children, property, pensions, money, support; in some circumstances it can include romance too

atush

it is a legal contract and always was under english law (i assume under other laws too). It gave certain assurances to both sides


It was never about love (as the participants were quite frequently not aquainted but the marriages arranged)

And today, it remains the best way to protect children and non working spouses of either gender.

kidmugsy

kidmugsy wrote: »

"Allowed"? They insisted that firms stop overfunding their pension schemes. It proved just as foolish as it seemed at the time - a triumph of the government-employee mindset over reality.

Turns out the Yanks did it too.
http://www.thedailybeast.com/articles/2013/05/09/how-the-irs-wrecked-your-pension.html

sam042013

If a husband dies, her wife is legible to claim his monthly pension but that only applies for married couples.

[Deleted User]

It was never about love (as the participants were quite frequently not aquainted but the marriages arranged)

And today, it remains the best way to protect children and non working spouses of either gender.

This is so true and one of the reasons why I will be remarrying even after a difficult divorce. There is no way either of us is investing years of our lives together and not being automatically protected and my partner feels the same. Even if you try to do it all with a will etc there is no better way of ensuring things are straight forward than marriage; it is an important legal document. I've known quite a few people of both sexes who were under the misconception that they were a 'common law wife/husband' and lost out big time when things changed through split or death. Please everyone be aware there is no such thing as 'common law wife/husband'.

To be honest I can't understand the logic in having children but not marrying, it is the best way to protect all involved in the family unit. I'm not being judgmental just practical. I do appreciate that it is a personal choice so please ensure you and the kids are protected as best as you can under your circumstances.

So in answer to your question 'unmarried, does it matter?' - YES, it does.

atush

sam042013 wrote: »

If a husband dies, her wife is legible to claim his monthly pension but that only applies for married couples.

His wife 'might' be able to receive something, equally they could get nothing at all.

State pensions, if you have less than a full pension in your own right, and are married and your spouse does, you will get bumped up to one full state pension (plus some S2P/Serps if they had it).

As for work pensions, most FS/public service ones have spousal provision on death- many are set at 50% of the pension but vary.

As for personal pension, will depend on annuity or Drawdown. with an annuity the pension could stop completely and you get nothing, unless they paid for a spousal pension or a time guarantee of 5 or 10 years and you are within that period. After a guarantee runs out, you get nothing,

If the husband dies before the pension is commenced, the spouse (or whoever they chose in their statement of wish form) would inherit the whole pension.

DD, if you have a pension pot, and you are drawing an income off it (ie no annuity) then your spouse can inherit 100% of the pot- if it is left as a pension pot. If the spouse (or other dependents/beneficiaries) want the cash, they have to pay a 55% tax charge.