Just married? Your financial tick list

Share this article:

Just married? Your financial tick list

18 October 2021

Share this article:

Please fill in your details to arrange a financial review with one of our financial planning or investment experts.

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
  • High earners with £100,000 or more to invest and able to reach £250,000 within five years
Please fill in your details to arrange a discussion with one of our financial planning or investment experts.
Firstname is required
Surname is required
Please enter a valid email address
Phone number is required
Postcode is required

Portfolio size *

We will treat your personal information with respect. By submitting this form, you understand that we will process your information in accordance with our privacy policy, and that you may receive ongoing insights from Saltus by email, phone or post.

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.

Meet your financial needs and objectives…

Speak to an expert

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.

Watch our webinar

Protecting your most important asset
08 January 2021

In conversation with Jack Munday and Jordan Gillies

Jack Munday
Jordan Gillies

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!

Arrange a financial review...

Book a review

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.

Why Saltus?

Find out more about our award-winning wealth management services…

Finalist

Financial Advisory Firm of the Year

Finalist

Client Relationships Award

Winner

Financial Services, Banking and Insurance Firm of the Year

Finalist

Investment Performance Cautious Portfolios

£2.2bn+

assets under management

18

years working with clients

30+

advisers and investment managers

120+

employees

Discover more

Financial planning

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.

Related blog posts

Get in touch with Saltus…