Being down with the kids I spotted that Jesy Nelson of Little Mix fame has become engaged to Jake Roche of Rixton and well known parents fame. This made me think about the issues facing newlyweds today and while it might appear that you need to have the earning capacity of Jesy and Jake to enjoy your newly found engaged status, anyone entering into a marriage or civil partnership, should take on board that certain, not particularly romantic, issues will need to be considered.
Here are my tips for those finding themselves at the same stage in life as Jesy and Jake.
Parents and grandparents can give inheritance tax free cash gifts – bear this in mind if they would like to make a cash gift as a wedding present.
Seek professional advice about ownership arrangements for property purchases before and after the wedding.
Wills are necessary, particularly if you have children later on.
Seek professional advice about tax implications as there are various reliefs available for couples.
If children and/or schools fees are on the cards seek advice about the most efficient way to save for these.
Pre nups may not be romantic but they are a sensible approach – given that you both have assets due consideration to a pre-nuptial agreement is advised.
It is never too early to plan for retirement!
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The information and opinions contained in this blog are for information only. They are not intended to constitute advice and should not be relied upon or considered as a replacement for advice. Before acting on any of the information contained in this blog, please seek specific advice from Gilson Gray.