Bunch of marriage related financial questions.

Tropez

So I was in the bath (you didn't really need to know that but I thought I'd share) mulling over a few things since I couldn't find a rubber duck to play with and fart bubbles are just getting immature now when it occurred to me that in all the organising of our wedding, I hadn't actually considered any of the financial matters that the government feel are oh-so-important that they made into law.

I know the correct answer is to seek actual legal advice from a solicitor but that's something I'd like to do with my fiancee and I need to try and find a day when we're both available.

So in the meantime, I'm sure the friendly people here can answer some questions for me because I really am this clueless.

1) I currently have a will that leaves all but a few things to my future wife. It is my belief that marrying her will void that will so I shall need to make another one, correct?

2) OH wants to start working more from home because she has this peculiar idea that I'm fun to be around. Aside from getting her psychiatric treatment for this affliction, she needs a proper space to work from as the dining room table just isn't sufficient for her needs. My thought was that we could turn one of the spare rooms into an office but I was of course quite wrong as she pointed out that her cousin and kids may need that room to stay in when they visit again.

When I bought the house there was planning permission in place for building a room over the garage. This has most likely expired as I never looked into it but if I could secure that planning permission again that might make a suitable office for her, although I don't know how arsey the planning laws are about building things to give yourself a workspace in a residential premise.

Anyhoo, she currently has a house that she is renting out. It's fully owned (no mortgage, it was inherited) but she thought she could sell that (apparently her current tenants would be interested if they could secure a mortgage) and use the money to finance this extension. As I understand it, the moment we get married she gets a claim to half my house anyway as it is a joint asset but is there anything else I should be aware of if she finances building work on it? I'm asking this in case we divorce because she insists on making me watch Strictly Come Dancing.

3) She's not currently on the property deeds; is there a particular benefit to her for adding her to them? She can claim the house as a marital asset, she'd be given the house in my will anyway but if I were to be run down by one of my many enemies in the future would there be any difficulties for her in continuing to live at the property while celebr.... mourning my demise?

4) What actually counts as a marital asset? Is it everything?

5) We manage our finances separately and will continue to do so. If I am whacked out in a mob hit for putting the wrong type of cheese on my pasta what should I have in place so she can raid my piggy bank for the bottle of White Lightning it'll take to get over me?

6) Is there anything else I really should know and don't know because I never thought anyone would actually marry me and I better know because there's always the lingering chance she'll regain her senses?

Lara44

Dunno about the other issues, but I have a home office with a desk and a sofa bed in it, and just vacate on the odd occasion that we have people staying. This could be much more convenient than building an extension?

RAS

Tropez wrote: »

As I understand it, the moment we get married she gets a claim to half my house anyway as it is a joint asset but is there anything else I should be aware of if she finances building work on it? I'm asking this in case we divorce because she insists on making me watch Strictly Come Dancing.

Not quite. In the case of a short marriage (generally less than 2 years), the divorce courts aim to return both parties to the same situation that they were in at the time of marriage. After that everything is an asset of the marriage. There have been some cases of long-term co-habitation where the courts have gone for a bit less than 2 years.

Yes marriage invalidates wills. OH would get the first £250K under insolvency rules and than it starts to go to other relatives. So a new will written in anticipation of marriage might be a good thing (only becomes valid on marriage).

I got a revised version of the old dead PP on my mother's place when she went into a home. Pointed out that they had given permission previously and it was indentical to another permission over the road. Cost about £250ish plus £17.50 for the required plans.

Brighton_belle

Yes, marriage will make all previous wills null and void.
On your death all your sole bank accounts will be frozen , possibly until probate has gone through: You could open a joint bank/saving account fro an emergency fund you could both access if one or t'other of you died because anything in joint names she would have continued access to

I'm not 100% sure re the other questions so will leave that to others.

comeandgo

Where are you, other than the bath, as in Scotland marriage does not invalidate a will.

Mojisola

Tropez wrote: »

When I bought the house there was planning permission in place for building a room over the garage. This has most likely expired as I never looked into it but if I could secure that planning permission again that might make a suitable office for her, although I don't know how arsey the planning laws are about building things to give yourself a workspace in a residential premise.

But you wouldn't put in a plan for a workspace - it would be an extra bedroom. If it then gets used an exercise room, an office, a craft room or an extra sitting room, that's down to you.

Also, it used to be that if the room was occasionally used for other purposes (as Lara44 describes), you didn't have to pay business rates. Check whether that's still the same.

onlyroz

Regarding the spare room - I'd suggest equiping it with a sofabed and/or a futon for the guests and then it can still be used as an office. Best of both worlds.

Tropez

The problem is with the spare room is that once she adds her plants, filing cabinet, desk, drawers, computer, laptop space and every other thing a sofa-bed on top would actually make the room seem rather cramped. She is also, like me I suppose, quite protective of her work and won't let anyone else near her various files and things.

So get a new will, fib to the planning office about what that would be used for and argue that permission had previously been given.

We do have a joint account for household bills and such. I pay into it each month by standing order. I suppose I could bung a bit extra in there for emergencies.

And we're in England. I'm also not in the bath any more. I've learned my lesson about using laptops in the bath after that £200 screen repair.

lostinrates

Not related to marriage, but home offices.....there are in some cases financial benefits to having them formally recognised. Many planning depts are quite open to them, work from home being increasingly considered 'a good thing' to take strain from resources like roads and transport.

I'd sound out your planning dept on potential in the first instance.

Prothet_of_Doom

Mojisola wrote: »

But you wouldn't put in a plan for a workspace - it would be an extra bedroom. If it then gets used an exercise room, an office, a craft room or an extra sitting room, that's down to you.

Also, it used to be that if the room was occasionally used for other purposes (as Lara44 describes), you didn't have to pay business rates. Check whether that's still the same.

Be careful, when you claim use of the room as a business expence as it might be that capital gains tax is due at a later date. (a GOOD ACCOUNTANT might advise)

Tropez

lostinrates wrote: »

Not related to marriage, but home offices.....there are in some cases financial benefits to having them formally recognised. Many planning depts are quite open to them, work from home being increasingly considered 'a good thing' to take strain from resources like roads and transport.

I'd sound out your planning dept on potential in the first instance.

I could do but I should probably clarify that the type of work she would be doing at home would only be admin/clerical type work that she currently does at her office so she'll still be making her daily commute and I don't think it would be considered that good from less strain on transport infrastructure.