Money Saving Expert Martin Lewis reveals financial benefits to getting married
The financial guru asks the question 'what is the point in getting married?'
The man behind MoneySavingExpert.com has revealed some of the best financial benefits to getting married.
With last month's royal wedding heightening conversations about the institution of marriage, website founder Martin Lewis thought it worth explaining what difference it makes to your pocket.
Aside from the love and lifelong companionship, there are a number of legal reasons why getting married can help to secure your future.
The financial guru has had a close look at the pros for tying the knot and we have jotted down five of them below.
1. Bigger state pension
If your spouse or civil partner passes away you could be entitled to extra payments from their state pension and will inherit some of their pension.
2. £900 tax break
Married couples are rewarded through the tax system with £900 tax break. It only kicks in when one spouse is a basic 20% rate tax payer and the other is a non-taxpayer.
You can transfer the tax break from the non-taxpayer to the taxpaying spouse so that £1,190 of their earnings become tax free.
3. No inheritance tax
All money, property and assets left to your spouse of civil partner are exempt from inheritance tax.
Inheritance tax only kicks in on estates over £325,000, if this goes unused when a spouse dies the allowance gets passed on to their partner.
So if you die and leave everything to your husband/wife there is no inheritance tax and then you get to pass on £650,000 worth of estate without paying inheritance tax.
4. Bigger ISA allowance
All ISAs are tax-free and exempt from inheritance tax, but the ISA itself can also be passed on to your spouse or civil partner.
5. No will - no money
One of the key financial gains for married couples is that you don't have to rely too heavily on a will. Assets will automatically go to your spouse when you die, even if you have not written a will.
But if you are unmarried it will not matter how long you have been together or how many children you have, your estate is not guaranteed to go to your partner and could bring them unnecessary legal battles and stress.