Bunch of marriage related financial questions.

NAR

Just as a point of clarity (which I don't think is relevant in this case) but a will can include wording along the lines of "This will is written in the knowledge of my impending marriage to XY and will not be invalidated by such marriage."

Tropez

NAR wrote: »

Just as a point of clarity (which I don't think is relevant in this case) but a will can include wording along the lines of "This will is written in the knowledge of my impending marriage to XY and will not be invalidated by such marriage."

Good to know. I might as well get that sorted before the wedding then

fluffnutter

Tropez wrote: »

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? 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? Put her on the deeds. It just makes things easier in the case of, e.g. you're infirm and need to go into a home and the council want you to flog your house to pay for your care.

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

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? Tell her all your passwords. Seriously. Put them in your will or something. And tell her to empty your accounts before she tells the bank you're dead else they'll freeze everything whilst probate is being granted and she'll be penniless. This is the case for joint accounts too, so beware.

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? You sound pretty awesome and I reckon you'll do just fine. PS. A cup of tea once a year on her birthday does not make you 'caring'. Cherish her. Every day.

Answers above. Congratulations

Tropez

fluffnutter wrote: »

And tell her to empty your accounts before she tells the bank you're dead else they'll freeze everything whilst probate is being granted and she'll be penniless.

Would there not be legal ramifications for doing that?

She would still have access to her money in her accounts.

PS. A cup of tea once a year on her birthday does not make you 'caring'. Cherish her. Every day.

Don't worry. I pull out the big guns on her birthday. She gets a cup of tea and a biscuit! Sometimes I even stretch to a mug of chocolate Ovaltine before bed

RAS

Tropez wrote: »

Would there not be legal ramifications for doing that?

Yes if the bank realise what has happened. In practice only has effect if your estate is over the IHT value before she took the money and if she was not the beneficiary. Our nice bank agreed to honour a cheque not deposited by mum's nursing home when she died.

If you want to be naughty, leave £5 to each of your siblings or maybe 99p?

Tropez

RAS wrote: »

Yes if the bank realise what has happened. In practice only has effect if your estate is over the IHT value before she took the money and if she was not the beneficiary. Our nice bank agreed to honour a cheque not deposited by mum's nursing home when she died.

If I were to die tomorrow, my assets would be over the IHT threshold although she would be the beneficiary of any money.

If you want to be naughty, leave £5 to each of your siblings or maybe 99p?

I was thinking if I knew when I was going, I'd hop over to Vegas again, rub up a huge tab and leave them that debt!

I might leave them my "collection of historical, unwashed socks". How about that?

Mojisola

There's no IHT to worry about between spouses and the second to die can use any unused tax from the first one so you've got a limit up to £650,000 once you're married.

fluffnutter

Tropez wrote: »

Would there not be legal ramifications for doing that?

Nah, unless they tried to do her for theft. From a dead person. A dead person who'd left everything to her. You can't technically thieve from yourself.

Jojo_the_Tightfisted

Get the will done - after all, your family may have a claim upon your estate otherwise. Where else could they hold their Christmas parties/orgies?

cazziebo

Don't have a scooby but congratulations on the marriage and thanks for such a witty post.