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How it works:
- We will call you back to find out more about your aims and requirements
- We will arrange a meeting with one of our team at a convenient time, either over the phone, on video, at your home or workplace, or at one of our offices
- You will be able to ask any questions you have and find out more about managing your wealth with Saltus
- Your review will be at our cost and there is no obligation to work with us afterwards
Who we work with:
- Individuals with £250,000 or more in investable assets. This includes pensions, ISAs, other tax-wrappers and cash available for investment.
So, you’re getting married or perhaps, like me, you’ve recently tied the knot. Firstly, congratulations… but secondly, you might now be thinking about what you should be doing financially. There are some important financial considerations after marriage, which at first may feel overwhelming. Below I have broken down these considerations and shared all the steps my wife and I have taken since we were married.
1. Set joint financial goals
To begin with, you should start talking about your finances more openly. I know some couples that have been married for over 30 years but remain unaware of what financial state each other are in. This is an incredibly inefficient way to approaching your finances. You don’t have to share everything if you don’t want to but being able to make use of each other’s finances in a pragmatic way will benefit you over the longer term. You may also enjoy working towards joint financial goals such as the honeymoon, a new house or saving for children.
2. Review your expression of wish form
Once married, it is important to review your expression of wish form for your pension. This form sets out who you would like to receive your pension on death. If it isn’t currently in your spouse, you may want to consider updating this.
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3. Review your insurance plans
Understanding how your joint finances would be affected if either one of you was unwell or died is important. Remember that, more often than not, your workplace benefits won’t provide sufficient cover on their own, so take time to look over your cover together, particularly if you are thinking about having children.
One of the amazing benefits of being married is the ability to leave an unlimited amount of wealth to your spouse completely free of inheritance tax. On top of this, if your £325,000 nil rate band and your £175,000 residence nil rate band are unused on your death, they can also be inherited by your surviving spouse. So, not only will there be no IHT to pay on the first death but, between you, this means you can leave up to £1 million for your children tax-free.
4. Remember your Will
Be careful, as the above benefits don’t mean you no longer need a Will, especially if you have children. The rules of intestacy mean that, if you don’t have a Will, your spouse will receive the first £275,000 of your estate and all personal possessions. The remainder will then be split 50/50 between your spouse and children. So, your spouse may not inherit the entire estate, like you may have wished. It is also important to highlight that the portion of assets that automatically goes to your children won’t benefit from the spousal exemption, meaning there will be tax to pay and perhaps slightly earlier than planned.
5. Consider sharing allowances
Finally, you should begin thinking about sharing allowances. If you are both basic rate tax payers and one of you earns less than £12,570, then that person can transfer £1,260 of their personal allowance to the higher earning spouse. Furthermore, you can now transfer assets between each other without triggering a CGT event, so do make use of your joint capital gains tax allowance. It’s £24,600 a year, so it shouldn’t be forgotten.
You should also remember your ISAs. If one of you is maxing out your ISA allowance, and the other isn’t, putting any excess money into your partner’s ISA will save you a great deal of tax in the long run.
Marriage isn’t just honeymoons and disagreements over soft furnishings, there’s a lot to get on top of financially too!
All authors have considerable industry expertise and specific knowledge on any given topic. All pieces are reviewed by an additional qualified financial specialist to ensure objectivity and accuracy to the best of our ability. All reviewer’s qualifications are from leading industry bodies. Where possible we use primary sources to support our work. These can include white papers, government sources and data, original reports and interviews or articles from other industry experts. We also reference research from other reputable financial planning and investment management firms where appropriate.
Saltus Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority. Information is correct to the best of our understanding as at the date of publication. Nothing within this content is intended as, or can be relied upon, as financial advice. Capital is at risk. You may get back less than you invested. Tax rules may change and the value of tax reliefs depends on your individual circumstances.
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Financial planning can help you reach your goals in life, whether you want to determine when you can retire comfortably, bring organisation to your financial world or pass on your wealth effectively.
Pensions and retirement planning
Deciding when to retire is a challenging decision and can feel like a leap of faith. At Saltus, we gather information on all of your existing assets and then use our technology and expertise to show you exactly how to achieve the retirement you’re after.
Reducing your tax burden
How to structure your wealth and access income should be approached in a sophisticated way. A detailed financial plan may use pensions, ISAs, general investment accounts, offshore bonds and other tax wrappers to ensure you can draw your money in a tax-efficient manner.
Consolidating your wealth
Holding multiple investment accounts and pensions can mean they’re hard to keep track of and administer. We’ll help you overcome this by consolidating your accounts into a single plan so that you can understand your financial position with ease.
Protecting you and your assets
We protect our cars and houses without much thought yet you might be the most valuable asset in your family. Whatever your situation, we can provide advice to ensure you have the right level of insurance in place to keep your finances protected.
Passing on your wealth
Estate planning is more important than just having a Will. We’ll work closely with you to understand how estate planning, which has emotional as well as financial consequences, can impact your overall financial plan.
Significant life events
Significant life events can present great opportunities but also considerable challenges. Whether you are going through a business sale, divorce or are receiving a lump sum, we’ll help build a financial plan to meet your changing lifestyle.