I can think of several reasons why getting married is more than just a piece of paper and love doesn’t feature in any of them.
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Here are just a few ways marriage could affect you and your partner legally:
1. Property If you transfer real property between you and your unmarried partner, you will be liable to pay stamp duty, whereas if you’re married you would be exempt.
2. Spousal Maintenance If you aren’t married, you’re not able to claim spousal maintenance, you have no claim on assets in the sole name of your partner but nor are you liable for any debt in the sole name of your partner. In this instance, it’s really a case by case basis as to whether marriage would benefit you in the long run or not.
3. Inheritance If you aren’t married and your partner dies, you will not inherit anything unless they have made specific provision for you in their will. If you do decide to not get married, it is important to have these provisions drawn up as soon as you are able.
4. Spousal Pension If you aren’t married and your partner dies, their pension dies with them and you will not be entitled to any spousal pension because you aren’t a spouse. You can sometimes nominate an unmarried partner to receive an income from your pension upon your death, but as with a Will, you need to make specific provision for it and ensure that the pension trustees allow you to nominate an unmarried partner to receive an income from your pension upon your death.
5. Taxes Tax breaks for unmarried couples are few and far between. As an unmarried couple you will not be entitled to any Capital Gains Tax exemptions nor will you be entitled to any inheritance tax relief.
6. Entitlement In the UK, you’re either married or you’re not, with no shades of grey in between. So you’re either in a contract of marriage with all the benefits and liabilities that go with it or you’ve no contract and you are prima facie entitled to nothing if you separate. This actually may appeal to the financially secure person in the relationship and as a divorce lawyer, when I’m asked by a client at the end of their divorce how they can protect their finances in the future, my advice is simply, “don’t get married.”
However, even unmarried couples have steps they can take to making sure their money and property is protected in case of the worst. If you are committed not to getting married, but want to protect yourselves in the event of you partner’s death, then you must make a will, you must have a declaration of trust in respect of any property you or your partner own and you must nominate your partner to receive any benefits from your pension upon your death.
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So getting married isn’t all about love and commitment after all. There are also plenty of legal reasons why a marriage might be advantageous or disadvantageous, and it’s important to consider your own circumstances.
