Financial Benefits of Marriage

Marriage offers several financial advantages that can significantly impact a couple’s long-term financial planning. For instance, spouses can transfer assets to each other without incurring capital gains tax, which can be particularly beneficial if one partner pays a higher tax rate. Furthermore, marriage allows individuals to inherit their spouse’s unused inheritance tax allowances, potentially increasing the amount they can pass on to heirs without tax consequences. Other benefits include joint access to tax allowances and a stronger legal position in terms of claims and entitlements should the relationship end.