Entering a civil partnership or getting married is an exciting time, but it's also a time to start thinking about your joint finances, knowing your rights and making sure you benefit from them.
As with marriage, entering into a civil partnership means taking on responsibilities and accepting that there are some legal implications. For example, who owns what? What happens if, sadly, the relationship doesn’t last? What would the situation be if the unthinkable happened, and one partner died unexpectedly? Did you know that:
- Transfers of assets between civil partners don’t attract inheritance tax
- If you both own properties, you may benefit from advice on your situation regarding capital gains tax
Two of the best professionals to see, if you’re entering into a civil partnership, are a solicitor and a financial adviser. You’ll get advice on how to manage your property options, help on tax advice for civil partnerships, and guidance on planning for a happy future together.
Questions you might like to ask the experts…
- Do we need to advise HMRC of our civil partnership?
- Should we tell our council offices, what happens to our council tax now?
- Could we benefit from looking at our finances together?
- Should we update our individual wills?