SOMETIMES WE DON’T GET HAPPY EVER AFTER

It’s a hard thing to do, but making financial plans in case the worst happens is the sensible way to go

Spring is always popular for tying the knot. But while the number of marriages – including same sex couples – stays around the 250,000 a year mark, many twosomes decide to live together in unmarried bliss – technically co-habitation. It’s your choice – many marry after “trying out” their relationships for a time. If it works, great. If not, walking away is less hassle than divorce.

But there are other considerations. Besides any children, your home and your rights can depend on whether you are legally married or living together.

If there’s no property or a short-term tenancy, marriage or co-habitation is a choice. But when buying a home together or having a long-term tenancy, you need to know where you stand if the relationship ends in separation or death.

The legal position is that marriage (and divorce) are recognised in law but living together – even if it’s two siblings – is not.

Most, but not all, advantages go to married folk. But there are some legal agreements giving unmarried couples similar rights to married couples. These generally require advice from a solicitor.

When a marriage breaks down, you can – and it’s never fun – sort out your property in divorce proceedings so the value of your home – whether or not with a mortgage – plus other assets can be divided. But if you are unmarried, you are likely to face financial difficulties on separation.

The partner named on property paperwork can take everything despite any contributions from the other person.

Married couples enjoy automatic rights if their partner dies. There’s no inheritance tax on what’s left to the surviving spouse. And when the second person dies, the family gets a double go at the £325,000 inheritance tax free allowance (more if there is a property).

Without a legal agreement, unmarried couples have no rights – including anything from the deceased person’s will. And if they are renting, they may not have an automatic right to remain in the home.

But if you can afford two homes, being unmarried can help. Provided one is in one partner’s name and the second in the other’s, you won’t have to pay the extra 3% stamp duty on second or buyto-let homes.

And each one can sell one property without worrying about capital gains tax – for married couples, it’s just one home.

Sometimes the romance doesn’t last, so it’s best to be prepared even when it seems an impossiblity