To think there’s nothing for me to gain from marriage?

[RudyKazoo]

I fully understand why marriage/civil partnerships are important to many people, and they bring commitment/stability to some relationships, but it’s not something DP and I have ever wanted.

We’ve been together 5+ years and don’t (and probably won’t) have children. We split all living costs 50/50, own a house in joint names, have wills in place and nominated our pensions to each other.

I often see comments on how marriage protects women, but given we’ve got the above wrapped up, are there any other legal/financial protections I’m missing (excluding inheritance tax benefits)?

Nothing at all!

In your situation I wouldn't!

Are you legally next of kin? I would check that out. If one of you has a serious accident, for example, you could find a parent is consulted about decisions that need to be made instead of you.

Marriage protects the partner who gives up earning ability/potential to care for children, which overwhelmingly tends to be the woman. If that’s not happening, then marriage gives you nothing that other legal paperwork can’t. Apart from inheritance tax.

Nothing else unless you would be hit for inheritance tax on the house, if one of you dies.

Id also recommend making each other (or a law firm) an executor to make sure you can make the funeral arrangements etc, and consider financial and medical LPA.

You missed lasting power of attorney from
your list, you need that.

Apart from inheritance tax, I wouldn't marry in these circumstances either.

Stay as you are. You have no children and earn your own money. Perfect.

Next of kin can be nominated in the uk with no legal requirements. I’d carry a card in your wallet naming each other, and make sure your GP has you listed as each others next of kin.

You should get Lasting Power of Attorney set up, to make life easier if one of you is incapacitated or dies. And do keep an eye on the inheritance tax threshold, especially if you own a home which increases in value over the years.

But otherwise - nah. You're good.

A spouse doesn't have to pay any inheritance tax, you would. I have friends of friends that got really burnt by this. I guess it depends if the house you own/ savings would be enough to put you in that threshold.

I generally think people mean 'marriage protects mothers' who generally take a financial hit when they have a baby and generally get left with more of the childcare after a split.

In your situation the only other things I'd consider are, do you have life insurance (private and through work as a death in service benefit) and are you both recipients. And who would have the power to make medical decisions in serious scenarios (eg switching life support off).

I am the higher earner and always have been , although the gap is closing I'm likely, save any health issues, to always be. We do have a DC but I've been promoted twice since he was born so never had any intention of putting my career on hold. I got married because I wanted to be married. If you don't I wouldn't. I only really see it advocated here where one party is compromising their financial independence and security for the benefit of the family (often the woman) , you're not in that position so it's just about if you want to be married or not (and inheritance tax)

Some types of pensions will only pay out to legally married spouses so be careful there.
You won't get the protection from Inheritance tax either.

Oh and yes sort out power of attorney

She does say they've nominated their pensions to each other, so it's safe to assume they've checked that.

Both I and my partner's pensions (large workplace providers) pay out to partners, it's quite common now.

Married people need LPAs too, but you should put them in place.

Absolutely nothing! You’ve covered all the bases. Only thing remaining is inheritance tax

Please could someone explain why spouses need LPA?

@Capertillar Spouses need LPA as they don't automatically have it via marriage.

"If you're married or in a civil partnership, you may have assumed that your spouse or civil partner would automatically be able to make decisions about your finances or your health and care if there comes a time when you can no longer do so. But without an LPA, your spouse or civil partner doesn't have this authority." - from https://www.ageuk.org.uk/information-advice/money-legal/legal-issues/power-of-attorney/

I’d go for LPA and check out inheritance tax. Are you sure your pensions will pay out in the same was as if you were married? I.e. a dependants pension rather than just a life insurance pay out to nominee?
You could get married without any fuss - it may be easier in the long run.

Yes but a lot of defined benefit don't. I work in this area so know this.

Thanks everyone! The LPAs are a good shout - we’ve got them for parents but not each other. @Celebrationsnakes I’m pretty sure the defined benefit pension is covered but I’ll double check.

The IHT could be a pain, but who knows what’s going to happen on that side of things in future anyway.

Disclaimer I’m not one for marriage, but would quite like a ring of some sort eventually (he’s got excellent taste!).

I've never understood while people with no intention of having children get married.

I never fancied getting married, but it seemed easier than figuring out nearest possible equivalents with a solicitor, so we just nipped down to the register office with two friends. I forget we did it half the time, partly because hardly anyone knows.