Marriage protects you legally and financially
Economists have known for centuries that two can live more cheaply than one, but how can marriage actually protect your money?
One of the vows you make in a church wedding provides a clue. You say to each other: “All that I have I give to you”. As well as suggesting that you pool your resources into one family pot, this vow is recognised in law and is reflected in the additional protection marriage offers in certain situations.
Family lawyer Michelle Brammer of Derby’s Eddowes Waldron Solicitors explains: “There are tax benefits of marriage. For example you can transfer assets between husband and wife without incurring capital gains tax. Similarly there is no Inheritance Tax to pay when leaving money to a spouse. And there are pension benefits too. If you are married and your spouse dies then a Company Pension Scheme is more than likely to make a payment to a surviving spouse.”
“The situation may be different for a Stakeholder Pension or a Personal Pension Plan but it is more likely than not that any rights to Death in Service Benefits or Widows Death Benefit under a Pension Plan will not be afforded to an unmarried partner.”
There are many other legal benefits afforded to married couples including medical consent, welfare benefits and tax credits, student grants and loans and other inheritance benefits. However it is recommended that detailed legal advice is obtained upon these and all the points outlined above.
The Bishop of Blackburn, Nicholas Reade, reiterated the depth of financial commitment in the marriage vows when he debated against pre-nuptial agreements in the House of Lords saying:
"The established church's marriage service includes this moving, mutual commitment: 'All that I am I give to you, and all that I have I share with you'. This states the deepest possible giving and gifting, with nothing held back in personhood or economics. These commitments, made before God and all those attending a Christian wedding service, look confidently towards a new, positive and progressive relationship in the unfolding history of human love. There is no suggestion here of an economic breakdown kit, poised for use if dreams fade or demands surmount expectations."
Did You Know ?
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You are welcome to marry in a CofE church whatever your beliefs
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Two-thirds of the CofE’s churches are listed buildings
One third of all UK weddings are church weddings