Finances and Paperwork

Becoming Mr & Mr or Mrs and Mrs may mean that you will want to make changes to some of your finances.

You may wish to consider the following:

  • Will you be changing your surname?
  • Do you want a joint bank account?
  • Will you both be named on your mortgage?
  • Can you achieve any financial advantage by filing a joint tax return?
  • Do you need to inform your insurance companies you are married in case it affects your policy?
  • Have you thought about writing a will or amending your existing will?
  • Will your bills now be in joint names?

Inheritance Tax Planning and gay marriage
Gay married couples will be able to pass assets on to their surviving partner without paying inheritance tax. If you are not legally married you will not be seen as the next of kin. If your partner dies the estate can be passed on to you without paying any Inheritance Tax Charge.

Capital Gains Tax and gay marriage
This tax is payable when people give away or sell an asset where the value of which has increased. If you are legally married you can give assets to one another without paying capital gains tax.

Income tax and gay marriage
In gay marriage the higher income earner can reduce their tax payments by giving an income-producing asset to the lower earner, whom pays tax at a lower rate. The donor loses control of the asset.

Pensions and gay marriage
When you are legally married you can claim a state pension from the National Insurance contributions of a deceased civil partner.

Other Useful Articles:

Gay Divorce

Wills

What is Intestacy?

Prenuptials