any financial disadvantages to being married?

[towedornot]

Are there any financial disadvantages to being married?

I dont really believe being married would make me feel any more secure as a couple and I certainly dont want the fuss of a wedding but am considering it.

My situation is that my partner lives with me and our 4 kids in a £1m house that I had purchased outright before I met him so it is in my name only.

If i were to die the house would have to be sold to pay the IHT bill and then the kids would need to uproot and downsize as well as losing me. If we were married there would be no IHT bill and they could stay in the family home which is left to my partner in my will.

Is there anything else I need to consider?

The main benefit to a marriage certificate is that it instantly means you get the benefits of being the other's next of kin. That affects matters of inheritance (as you rightly point out) and things like giving consent for medical procedures. It isn't necessarily true that your children would need to uproot and downsize if you died. Life insurance could be of use there.

The one you probably ought to think about is the property becoming a marital asset. In the event of a divorce your partner would have a claim on its value (plus any other assets) and that claim would be greater the longer you had been married and the more he had contributed to the household. In terms of finances and security therefore, your partner potentially benefits from marrying you more than you do from marrying him.

if you ever got divorced ypur DH would get half the house? THink this is correct even if you paid for it before you met

thanks for this.

Yes had considered life insurance to cover IHT but still really object to the tax as morg was paid off using hard earnt salary already taxed at 40% and want my kids to be able to stay in the house until adults.

Yes realize that even a pre nup may not prevent his having a claim on half the house but on the flip side I would then be eligible for half his pension and assets including future ones whereas I no longer work and am not building up my own pension or any further assets. Therefore he might relinquish his possible share of the house to protect his pension etc in the event of divorce.

Any other thoughts as everything else appears to be advantageous financially?