Implications of marriage

[Ironwoman123]

I am 27, partner 28. Been together 9 years and have two kids.

Own a house (both names on mortgage) with about 30k equity.

He works earning roughly 80k. I'm currently on maternity leave but possibly looking to stay at home/go back to uni in the next year or two.

we want to get married but I want to make sure I know of all the legal implications of marriage.

As the house is in both our names, that won't change if we get married anyway will it?

All our savings are in joint accounts so that won't be impacted I presume?

We live together as a married couple and everything is shared.

As a result will marriage have Make any substantial changes to our current financial situation?

I'm aware that if I don't return to work I'm putting myself in perhaps a vurnerable position if we aren't married, but in our position where everything is in both names and finances shared equally (all accounts are joint), am I more protected?

Marriage if anything is putting you in a stronger financial position than concubinage.

Are you telling us everything? What is it you think you stand to lose financially?

www.citizensadvice.org.uk/family/living-together-marriage-and-civil-partnership/living-together-and-marriage-legal-differences/#h-death-and-inheritance

This is helpful.

Main protections I think are against death (inheritance tax) and divorce- if you split acrimoniously he can't change you being co-owners of the house, but I think it's easier to clear out a joint account and not have to pay money back if you're not married. He could also change it so you didn't get his pension after his death, but if you were married you have some entitlements. That's my understanding. And there is widow/ers pension.

We got married after years of co-habitation and had a financial advise session with the bank shortly after linked to taking out a mortgage with them and the main think that shocked me was that I would be better off if he died now we were married, which I hadn't really factored in.

Thanks.

I don't think I'll lose out financially if we get married. The thing is I'm about to possibly make a decision not to go back to work and we're not married and I worry that I could be in a vurnerable position until we do marry.

But given the circumstances where we share everything I wondered if I was in as much of a vurnerable position compared to if we didn't currently share everything.

Realistically we won't be married for another 2 years so I wanted to know what the implications of marriage would be to my security really.

The fact you share everything means you are more secure than you would be if you didn't but less secure than you will be when you are married.

If you have given up your job, and he walks out in six months, then your risks are:

(i) you have to pay the mortgage on your own without his income. It is possible he could clear out your joint account and leave you with no income- either of you has full access to a joint account, and can empty it at any point. If married, both these things are still risks in the immediate term, but the divorce is an avenue for trying to correct the imbalance and assess the financial assets of the family before dividing them up. This would include pension entitlements, for example, covering years you weren't working.

(ii) you have no money to feed or clothe yourselves for a while- you would probably be entitled to some benefits but they take a while to process. Again, marriage may not do much to protect against that in the short term but would help longer term

(iii) in the long run, you may be more likely to have to leave your house- it seems more common in divorce proceedings to be able to make arrangements about the house, and staying in it for x number of years till you can get a job, but if you're not married, he would have the right to take his equity out and you would have to find a new home. With no job, no income, getting another mortgage could be impossible. Alternatively, he could refuse to make payments and you could end up with black marks on your credit rating. With divorce, I believe the house and maintenance are a whole financial package, which would not be the case if unmarried.

I love and trust my husband, and I loved and trusted him when he was my partner. But everyone whose other half suddenly has a personality change and disappears feels the same. You could agree to put savings in your name until the wedding if you would feel more comfortable with that. I nearly gave up my job before we were married, due to circumstances, and now-DH had no issue with me openly discussing my fears about making myself so vulnerable and coming up with solutions. Splitting savings in the short term may actually be a better way to protect yourself, but personally I would bring the wedding forward. Protecting your children and yourself is more important than the party.