Getting married doesn’t affect your credit rating, but it may have some financial implications that you haven’t yet considered. If you have a joint account or a shared mortgage or bank loan, your credit rating will be tied to your partner’s, and affected by any changes. Most couples have at least one of these financial ties before tying the proverbial knot, so the act of getting married is unlikely to change any of this. Hannah Maundrell, editor in chief of money.co.uk, says: “Your credit record won’t be affected just because you say, ‘I do’; it’s not until you apply for joint accounts that you become financially linked. It will impact your entitlement to Tax Credits though, and you may also get tax back if you qualify for Marriage Allowance; so, it’s worth telling HMRC [and] insurance providers – this is definitely worth doing because it could mean you pay less for cover!” Marriage Allowance was introduced by the government in April 2015. What this means is that if you earn less than £11,500 and your spouse or civil partner earns more than that (but less than £45,000), then you may be eligible to transfer some of your tax-free allowance over to them. This guide will help you learn how to take advantage of this. You can also make tax-free gifts to your partner. For example, if one of you receives a financial inheritance, you can give a portion of this to your spouse without being taxed. You may also be able to cut the tax you are charged on your savings interest. When you earn interest in a regular savings account, you are charged tax according to your income tax bracket. If your spouse is in a lower tax bracket than you, or if they aren’t a tax-payer, storing your savings in their name can save you money on the interest you earn. Of course, it’s very important that you trust your partner before taking this on! If you have a will, it will become invalid as soon as you get married, so you will need to update it or write a new one. Hannah Maundrell says: “Tying the knot doesn’t mean that your every worldly possession is half your partner’s… while you’re alive at least. The situation is very different if you die, so you need to update your will as a priority because your old one will be invalidated. It does mean that you could earn more interest on your savings if you trust them with your money and they’re in a lower income tax band than you”.

Although money isn’t the most romantic topic, it’s an unavoidable part of any relationship. Your financial situation as a couple differs depending on whether you are married, civil partnered, or not. Married or civil partnered couples have a legal duty to support each other but cohabiting couples don’t, even after a separation. Working out a budget can help you keep track of the money you have coming in and how much you spend. You can find a budget planner on the Money Advice Service website. Separate bank accounts If you are not married or civil partnered, you won’t be able to access money held in each other’s separate bank accounts. If one of you dies, any money in the account will not be available until the estate is settled. If you are married or civil partnered, you can only access money in your spouse’s or partner’s account with their permission. If one of you dies, the account becomes part of the inheritance and automatically goes to a spouse or civil partner, unless the will says otherwise. Joint accounts If you have a joint account, you both have the right to access the money. If one of you dies, the account immediately becomes the property of the other, even if you are not married or civil partnered. If you are the only one putting money into the joint account, the money and any purchases you make from it legally belong to you. If you have a joint bank account with your spouse or civil partner, the money - including any debts or overdrafts - is owned jointly, regardless of who has been paying money in, or taking money out. If one partner dies, the account immediately becomes the property of the other. Debts Whether you are married, in a civil partnership, or not, you are not responsible for any debts in your partner’s name, including in their separate bank account. If you do have debts, always take advice as soon as possible. You can speak to Citizens Advice or a debt counselling agency such as the National Debtline (0808 808 4000). In some circumstances, you may need to contact an insolvency practitioner. If you have a joint bank account, things may be more difficult if you are not married and not civil partnered. To close a joint account, you both need to give consent. If the account is not closed, one of you could run up an overdraft and leave the other one responsible for it. If you have a joint mortgage or rent, you are legally responsible for covering each other’s share. Real couples tell their debt stories on our debt and relationships site. Visit the site to see our short animations and expert advice. Credit cards and personal loans If a credit card is in your name, you are liable for the payments, even if your partner is a named user. If you hold the card jointly, then you are both liable. If you take out a loan with your partner, you are both responsible for repaying the borrowed amount. Taxes If you and your partner live together and are not married or civil partnered, you are treated as two separate individuals. This makes a difference to how you are taxed. Married couples and civil partners have certain advantages because they are given tax exemptions for Capital Gains Tax and Inheritance Tax. As an unmarried or uncivil partnered couple, you may be liable for: Capital Gains Tax: This applies to the profit made when you sell or give away an asset, which can include property or possessions worth over £6,000. Everyone has an annual allowance of £11,300 (as of 2017). Beyond this allowance, if you want to transfer assets to your partner, you will be charged Capital Gains Tax if you are not married or civil partnered. Inheritance Tax: This applies to the value of an estate when the owner dies. It is charged in two bands: Assets below £325,000 are charged 0% tax and assets above £325,000 are taxed at 40% (2017). Married and civil partnered people can transfer this to a partner after they die, effectively doubling the threshold to £650,000. As a married or civil partnered couple, you can transfer assets between you without having to pay Capital Gains Tax, and inherit assets from each other without having to pay Inheritance Tax, which can be a large amount of money if a house is part of the inheritance. Although it isn’t possible to avoid these taxes completely, there are ways of arranging your assets to lessen your liability, even if you are not married and not civil partnered. You can ask an accountant or solicitor about the best way to arrange your financial affairs. Benefits and tax credits Some benefits are awarded regardless of marital status. For example, Child Benefit, Working Tax Credit and Child Tax Credit are not affected by marital status, income or savings. Other benefits, such as widow’s benefits, are only available to people who are married or civil partnered. Pensions Although the rules vary between pension companies, spouses or civil partners are entitled to inherit pension rights on the death of their husband, wife, or civil partner. People who live together and are not married or civil partnered are in a vulnerable position when it comes to pensions. Employers who give pensions or death-in-service payments to spouses or civil partners do not usually recognise partners who live together. But things are changing and a few pension companies have shown flexibility. The most important thing you or your partner can do is to name each other as the person you want to benefit from the policy. Useful contacts Citizens Advice – legal rights and advice HM Revenue & Customs – UK tax authority Jobcentre Plus – work-related benefits The National Insurance helpline – 0300 200 3519 Tax Credits helpline –0845 300 3900 or textphone 0845 300 3909 Child Benefit Office helpline – 0300 200 3100 Advicenow - guide on tax, benefits, and living together. Community Care - an ‘A to Z’ of benefits. The Pensions Advisory Service – free and impartial pension advice Unbiased – professional and legal advice service database The legal information on this page was checked by Langleys Solicitors, and updated in 2017.

What is happening to us? Many parents caring for a disabled child will tell you outright: the costs are greater. If that’s you, you might be finding that these extra financial stresses are causing a strain on your relationship. If, as a couple, you’ve never dealt with financial struggles or argued about money before, this may be new territory for you both. This can be tough to work through with your partner because the impact of financial worry is so consuming. And of course, it has an impact on almost every aspect of daily life, which makes it harder for your relationship to thrive. Why is this happening? Many families endure financial hardships but, financially speaking, is it really more difficult for families with disabled children? The short answer to this is yes. This is mainly due to the fact that many items need to be specialised – the 'bog-standard' versions simply won’t be fit for purpose, and specialised items can cost significantly more. The specifics are obviously dependent on the disability in question, but many parents can expect to face several expenses on: Special dietary requirements Specialised equipment and toys Some items and equipment costs may never have occurred to you as requiring modifications, but for some disabled children, specialised versions of the same item are absolutely essential for their safety and usage.  These are not lifestyle costs, but basic costs for the same living standards. Here’s a quote from a dad that had to shell out a lot of extra cash so that his child could have a similar experience to other kids: “Our current battle is trying to get a bicycle for our young son, a disabled 11-year-old. My older son’s bikes have never cost more than £50 and have generally been second hand. Getting Isaac, our disabled lad, a bike is a very different ball game. The cheapest we have found is £800 because he needs two wheels at the back, a waist cradle and harness to support him, and it needs to be a tag-along bike so my husband can pull him with his bike. So, Isaac can’t have a bike, because we can’t afford it. It just makes me mad that things are so much more expensive when you have a child who has disabilities. He longs for a bike and to be able to join in!” For many parents in similar situations, this is on top of other expenses too, including additional care needs, additional heating, clothing and laundry needs, and travel to appointments [1]. Unfortunately for some parents, financial strains don’t stop there. Parents are often entitled to financial support through the government, but because the word ‘disability’ is a large umbrella term for many circumstances and needs, the process for getting support is not always straightforward. Many parents with disabled children aren’t sure of exactly what they qualify for. This uncertainty will just add to the frustrations felt by many. This extra financial pressure can impact the family as a whole, but also the relationship on parenting couples. But why does financial stress specifically impact the relationship so much? Here's a few of the main reasons: Couples may never have faced the strain before, so they are not experienced with handling disagreements on the subject. The main provider can feel an increased sense of pressure to earn more. Feelings of guilt can fester and this can be quite negative for the relationship. Expectations of 'family life' might be different to what new parents had imagined, which can result in feeling somewhat disenchanted. This feeling can cause some to withdraw from their partners and the people around them. When families are ‘comfortable’ financially, it usually means they have freedom and options. In a relationship or family where you’re limited by finance, it can feel like you’re restricted or trapped. These feelings can really affect your behaviour towards one another. How can we help our relationship thrive through financial stress? 1. By talking to each other As a couple, one of the most useful things you can do is to get some clarity on your wants, needs, hopes and fears. Anticipating potential problems can give you more realistic expectations about the future, and allow you to find a more relaxed way to discuss problems together [1]. Set some ground rules about what you will do next time an argument breaks out. You may want to decide to take a break from the conversation and return to it when you’re both feeling a bit calmer. Try saying something like “Can we talk about this in a different way once we’ve calmed down a bit?” Although this may be a given, try to avoid having these discussions in a supermarket, the bank or other public places where the money pressures are suddenly most apparent. You’ll have a much better chance of getting a positive outcome if your conversations take place privately in your own home. Be honest with yourselves and kind to each other and you’ll significantly improve the chances of talking about money without an argument. 2. By taking practical steps For many couples who are struggling with financial strains, the idea of money planning goes out the window. For some, their focus goes into simply surviving and putting food on the table. But even if money is very tight and there’s little or no chance of saving, money planning can still help you. A budget is still a sensible idea – even if it only helps you realise how much extra help you need. You can find a free planner through Money Advice Service, along with a few really helpful online guides. It may be useful to keep a spending log over a month or two to see what you’re really spending. When you can see the whole picture, you’re in a better position to make decisions about which costs are essential and where you might be able to cut costs. Remember to really consider all of your extra expenses like those in the table above. If you’ve got some friends who’ve been through something similar or adopted a child with a disability, it might be an idea to ask them for guidance. Your midwife or doctor may also be able to offer recommendations. Use the people around you and don’t be afraid of reaching out. 3. By seeking out entitlements Benefits and financial support can be a tricky field to navigate as they are liable to change over time, and as we’ve already mentioned, it will depend on your family circumstances and your child’s disability. For more advice on benefits, tax credits and other sources of financial help, visit Contact's help page. Also, check out the current situation through services such as the Citizens Advice and the Money Advice Service, who will be able to talk through your budget and help you learn what you might be entitled to. While financial pressure can be quite heavy, the relationship and family can still grow and develop. If money were no object, of course building up your relationship and family would be easier, but the most important thing is to function as a unit, and face the challenges together. Reference [1] Pancer, S. M., Pratt, M., Hunsberger, B. & Gallant, M. Thinking ahead: Complexity of expectations and the transition to parenthood. J. Pers.68, 253–279 (2000). [2] Contact (2014), Counting the Costs.