It’s important to understand how tying the knot can affect your finances. Here are some financial benefits to getting married.
Will it affect the amount of tax I pay?
If you were born before 6th April 1935, you may be eligible for what’s called a marriage couple’s allowance. This could actually reduce the amount you pay in tax quite dramatically! If you were born after 1935, you may also be eligible for a marriage allowance. Couples can save up to £220 on their tax bill if they hit a certain criteria.
Will Tying the Knot Affect My Credit Report?
Absolutely not! Changing your marital status does not effect your credit history at all. Many people believe that becoming a husband and wife means you are financially associated with the other person. This isn’t actually the case (unless you’ve taken out a joint loan to pay for the wedding!) And if one of you missed a repayment, it would affect your credit score. However, if you make your payments on time and don’t default, it shouldn’t be a problem at all. However, your change of surname may temporarily affect your score. Make sure you include new and previous surnames when making a new credit application.
Will getting married affect my savings?
Does one of you not pay tax due to a specific tax bracket? You can transfer your savings into your spouses name and enjoy tax free interest! However we advise you to approach this with caution. There’s always a risk of you losing that money, you need to trust your spouse implicitly.
There are many perks to getting married! One of which being that from now until eternity, you can gift each other assets which are absolutely tax free!
Find more financial benefits to getting married by clicking here.