I T ’ S O N L Y A P I E C E O F P A P E R
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MAYBE IT ’ S NOT THE MOST ROMANTIC THING TO THINK ABOUT , BUT GETTING MARRIED OR REGISTERING YOUR CIVIL PARTNERSHIP COULD HAVE FINANCIAL IMPLICATIONS IN THE FUTURE .
Most people think that ‘ common law ’ is a legally recognised status that gives them the same rights and responsibilities as couples who are married or in a civil partnership , but they are wrong .
For example , if someone dies leaving more than £ 325,000 including the value of any property , then inheritance tax has to be paid on their estate ( figure correct at September 2016 ). However , this doesn ’ t apply to married couples or civil partners as gifts between them are free of IHT . More information can be found at :
www . hmrc . gov . uk / rates / iht-thresholds
You would not be entitled to a widow ’ s or surviving partner ’ s pension , benefit or a share of their state pension if you are not in a legally recognised relationship .
Most employers ’ pension schemes automatically pay a pension to the surviving partner , but if you ’ re not in a legally recognised relationship then the rules of the pension scheme may prevent payment being made .
If your partner has free life insurance or a ‘ death in service ’ benefit from their employer , then you would be unlikely to benefit from payment unless your partner has remembered to make a specific nomination in your favour .
If you had children together before marriage and the mother registered the birth alone , then only she has full parental responsibility and can make decisions regarding where the child will live , their education or medical treatment . If you are having a Civil Partnership , then please speak to us for further advice .
And finally , as the law currently stands you may not be able to register the death of your partner if you are not in a legally recognised relationship at the time of their death .
So that piece of paper is very important , after all ….
Visit www . marriedornot . org . uk for more information .
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