When it comes to those involved in Civil Partnerships and same-sex marriage in Halstead and the surrounding areas of Essex, there is also a need to consider the potential legal and financial protections and benefits as part of your estate planning as Laura Richardson now explains . . .
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In 2005, the Civil Partnership Act came into force allowing same-sex couples to have their relationships legally recognised in England and Wales. 9 years later, in March 2014, same-sex marriage was legalised in England and Wales. As a result, in terms of both legal and financial protections and benefits, both Civil Partnerships and same-sex marriages are afforded the same benefits as heterosexual marriage.
Tax benefits
If you are in a Civil Partnership or a same-sex marriage in Halstead, you and your spouse can share your Income Tax allowances, meaning you could have to pay significantly less Income Tax overall.
Furthermore, a couple in a Civil Partnership or a same-sex marriage in Halstead can also transfer assets between themselves without attracting a Capital Gains tax bill. This can be useful as a couple would be able to minimise a Capital Gains Tax bill by utilising each of their personal annual allowances.
A couple in a Civil Partnership or a same-sex marriage in Halstead can inherit from their spouse without paying any Inheritance Tax. Inheritance Tax is currently payable on the portion of the Estate valued over £325,000. Bearing in mind that the current rate of Inheritance Tax is 40%, this can be an extremely profitable benefit. Furthermore, the tax benefit is then passed on when the second spouse dies, meaning a financial benefit for the beneficiaries.
If your partner dies without making a Will and you were in a Civil Partnership or a same-sex marriage in Halstead, you will automatically be entitled to a certain amount of your deceased spouse’s Estate.
Pension
If your partner dies and you were in a Civil Partnership or a same-sex marriage in Halstead, then you will automatically be eligible for any widow’s pension.
Divorce
In the case of a Civil Partnership of a same-sex marriage in Halstead ending, you and your partner will benefit from the fact that, regardless of which one of you owns your home or pays any mortgage, you will both be entitled to remain in the home. In this way the law is designed to ensure that neither one of you will be made homeless through a divorce.
It is important to understand that if you are a couple that have not had your relationship legally recognised with a Civil Partnership or a same-sex marriage in Halstead, regardless of the length of the relationship or if you are cohabiting, you are not afforded any special legal treatment. Therefore if you would like to discuss the legal or financial implications surrounding your situation, contact Andrew Douglas Wills and Legal Services today to arrange a FREE no-obligation consultation in Halstead and the surrounding areas of Essex.
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