Marriage is being brought into question more than ever these days and for some couples, simply living together is preferable. Some people view marriage as a huge expense just for a piece if paper. They me even live together for decades and have children in the process. So, is entering into a marriage or civil partnership worth it?
The short answer from a legal perspective is yes if you want to protect areas such as inheritance and save on huge tax bills either for those left behind when you die or a partner die. While this is not an article designed to promote marriage, indeed for some couples it can be preferable not to pass on their assets to a partner when they die, let’s highlight how being married can save a number of legal headaches.
Perhaps the biggest consideration for mature unmarried couples is the will. If your partner dies you won’t inherit anything and the best you can hope for is some provision towards living costs. If you had children together inheritance will pass to them. If there are no children then your partners family members will be next in line to inherit as part of Intestacy Rules.
The next potential issue is inheritance tax. Couples who marry will and leave everything to their spouse will have ensured no inheritance tax is due on the estate. The opposite is true for unmarried couples where IHT can take away a significant chunk of the inheritance.
These potential outcomes are avoided if a couple decides to marry and there have been some high-profile cases where a person has decided to marry just before death for this very reason.