couples decide to pool their finances via a joint account after
marriage, and this is certainly a good way to streamline domestic
finances. But it can also lead to wrangling later on, especially
if one person earns far more than the other. Remember also that
if it's a joint account, you're both liable for the loans and overdrafts
independent financial advisors (IFAs) recommend that you combine
both joint and individual accounts, paying a fixed amount into the
joint account each month to cover any shared expenses like bills
family home is a core part of any marriage, but it's vital that
you sort out your ownership arrangements. Many couples choose to
live in a house already owned by one spouse, but this can mean that
there's only one name on the deeds - which could spell big trouble
you do put two names on the deeds, consider whether the family home
is better owned via a joint mortgage or as tenants in common. In
a joint mortgage, your share of the house automatically goes to
your spouse on your death. But in a tenants in common arrangement,
your share will go to whoever you've nominated in your will - which
can be valuable if you want to make sure that a relative inherits
a share, for example.
large number of people don't make wills, but whether you do or don't,
marriage is a good time to set one up - as in the above example.
If you already have one, there's an even stronger case for a new
will because wills that were written when you were single become
invalid after you marry.
your mortgage be covered if one spouse dies or falls critically
ill and the other is unable to meet the repayment costs? Income
protection insurance is something that should be considered in this
is often the first time in a couple's life that the two people find
themselves financially responsible for someone else. With those
responsibilities, it's worth considering taking out life assurance,
which will provide for the other in the event of death.
is often followed by a family, and children are often followed by
school and university fees. Couples may want to consider saving
into a fund for fees in years to come.
not strictly financial, some financial advisers will recommend that
the couple arrange an enduring power of attorney to take care of
arrangements in unforeseen circumstances.
one had a terrible crash or became mentally unsound - power of attorney
would allow the husband or wife to make decisions for them.
there are also a host of complicated tax issues to consider. Although
the Government's main incentive to married couples - the married
couples' tax allowance - is no longer in existence, there are ways
in which judicious administration of your affairs can save you money.
instance, you can move savings around to make the most of both couple's
tax allowances, and there are also ways to save on hefty inheritance
tax bills when your assets are finally bequeathed to your children.
That's especially important these days, when house prices are regularly
busting through the inheritance tax threshold of 250,000.
tax matters in particular, and personal finance matters in general,
it's worth getting some expert help through the money maze and that's
where an IFA can be invaluable.
independent IFA will be able to look at your individual circumstances
and advise on the various decisions you'll need to make. Find one
near you by calling IFA Promotions on 0800 085 3250 or visiting
talking about inheritance tax and savings allowances probably doesn't
sound too appealing to newlyweds or brides- and grooms-to-be. But
as those marriage guidance counsellors will confirm, putting your
financial house in order is an essential way of making sure that
the marital home remains a happy one.