There is a well known saying that no two things are certain other than death and taxes, but marriage can also bring a certain amount of doubt and uncertainty to your finances, too. Many couples who are looking into getting married, a huge milestone in their lives, are also looking into the impact that it may have on their personal financial obligations and any pre-existing legal documents. Here are 3 ways that getting married will affect your legal and financial documents.
When you get married, there are some certain financial responsibilities that you will share and others which are separate. A lot of things will depend on where you live, but there are a few general rules.
In some places, you will not be in anyway responsible for the debt that your spouse has incurred before you were married. Your past and previous credit histories remain separate and you won’t share a credit score until you are married. However, when you take on debt together, you will both become responsible for that debt. In some cases, you may also be responsible for individual debts that your spouse take on during your marriage.
Your spouse may also be entitled to your assets should you become divorced. Due to this, many couples decide to take out a prenuptial agreement. Should this be the case, you may wish to get professional advice from a lawyer.
Creating A Will
When you get married, any legally valid Will that you had in place previously will automatically become void, unless your Will makes a specific reference to the intended marriage. This means that if you do not get a new Will put into place once you are married then, should something happen to you, the law will then decide who inherits all of your possessions, money and estate.
If you have a Will which is legally valid from another country, then you should seek advice from will writing solicitors, Manchester. They will be able to establish how your marriage may have an impact on your Will.
Purchasing A Home
Buying a new home together is one of the most exciting things that you will do as a married couple, but you must carefully consider how you will set up ownership. You may be able to own the property as tenants-in-common or as joint tenants.
In a joint tenancy you, with your partner, will own the whole property and won’t have a particular share in it, whilst tenants-in-common will each have a definite share in the property. As joint tenants, if you or your partner passes away, then the property will automatically go to the other spouse. Owning the property as tenants-in-common will mean that your Will will dictate who gets the property, meaning that the other spouse may well not receive it automatically.
Getting married and buying your first home are perhaps two of the biggest milestones in your life. If you are trying to do both, then it is crucial that you stick to a financial plan. Whilst it isn’t unusual for young couples to think about achieving these huge life goals within such a short space of time, paying for a wedding and saving for your first home together are competing goals financially.
This usually means that couples will have to prioritise their spending habits and savings. Whilst some are able to do both at the same time, others may have to choose one goal to stick to and delay the other one for a few years. So, here are some helpful tips for saving for your first home and wedding at the same time.
If you have parents or other relatives that have offered financial help for either your first home or wedding, then ensure that you have a rough indication of how much they are likely to gift to you and if there are any conditions attached.
Once engaged, some couples ask for home purchasing funds rather than, or as well as, other more traditional gifts. Cash registries for big purchases such as a home, new car or a honeymoon and increasing in popularity for many couples as the average age of brides and grooms creeps higher. A lot of couples already have the more traditional registry gifts, so you should make it clear that if your family and friends are wanting to gift you something, it should be something useful for your future.
Set Your Course
Trying to work out where the both of you stand financially should be one of your first priorities. A lot of couples have other financial objectives which can come with bigger costs and a more long-term plan than a wedding.
This could include going travelling together or starting a family, but it is important that you have conversations about where your priorities lie and work out how that will relate to how you allocate your money. You should discuss your savings that are going towards a house and set out a planned wedding budget and how you are going to work to incorporate these into your planning. Ultimately, these discussions should influence the budgeting and timescale of your home purchase and wedding and you should start a new habit for your savings that you can both realistically adhere to.
Keep An Eye On Your Wedding Spending
Over half of all couples end up spending a lot more than they had originally planned for their wedding, which can also have consequences on your home purchase should this overlap with your engagement or shortly after your wedding.
How you qualify for a mortgage is, typically, going to be based on your credit score and income, so the last thing you will want to do is disrupt your wedding in any way. Taking on any amount of wedding-related debt could have an impact on your credit score, thus resulting in a higher interest rate on a mortgage when you do come round to purchasing a house. It could also have an effect on the mortgage type that you qualify for.
There are short-term options available, such as bridging loans, to help you out with your home purchase. But, to keep your costs in check, you should create a wedding budget. One of the biggest ways that couples save money on their wedding is by trimming down the guest list and choosing two or three elements of your wedding which you would like to focus on the most. By cutting back on the lower priority expenses, you will be able to save that money and put it into your house budget. Remember, this is about what is important to you and your fiance, so don’t try and do it all.
Your wedding is one of the biggest and most special days of your life, so naturally, you want to make it a day to remember. Choosing a wedding venue that you and your partner will love spending your day is a big task and one that should not be taken lightly. Manchester is the UK's third-biggest cities and has a fun and vibrant city centre as well as beautiful rolling hills and countryside in the suburbs and is an ideal place to choose to get married.
To help with your search, here are 5 of the best wedding venues in Manchester.
Great John Street
Great John Street is a former Victorian school house which has been completely transformed into a chic townhouse hotel in the heart of the city. There are plenty of areas within the hotel that are perfect for a wedding, with two of the most popular being the south facing Rooftop Lounge and Gardens and the very grand Oyster Bar. The hotel offers bespoke weddings that are crafted to your needs and has a capacity of up to 200 guests.
The Castlefield Rooms
If you are looking to create an elegant atmosphere for your big day, then The Castlefield Rooms is the perfect venue. With a range of spaces available to suit wedding parties of 30-200 guests, there is plenty of room for you and your loved ones to celebrate your big day. With two different function rooms and the on-site bar, The Gallery, for drinks receptions, you can easily cater for your wedding breakfast and evening reception with no extra hassle.
Unlike some wedding venues, The Castlefield Rooms have no rules or set numbers and their dedicated wedding coordinators are on hand to help you plan the wedding of your dreams.
Abbeywood Estate has been owned by the Rowlinson family for over 28 years, and the estate is surrounded by beautiful gardens which are open to the public.
What makes Abbeywood Estate special, apart from their magnificent setting, is their bespoke wedding service. They use local suppliers for your wedding breakfast and offer ice cream carts, cakes, sweet tables and photography all by request, so you have no need to worry about anything. When you hire the estate, you get full use of all rooms and facilities.
This laid-back city centre location is known as being one of the best places to eat in Manchester. Australasia offers a bespoke wedding service thanks to their dedicated events coordinators who are more than happy to help you with the small specifics to help you enjoy a relaxed day. The ideal location, set on Manchester’s Deansgate, is hidden away underground and gives you that little extra privacy should you be after a more intimate wedding.
Heaton House Farm
Heaton House Farm is a charming old dairy farm and has stunning sandstone barns for extra rustic flair if you’re looking for something a little more special for your wedding day. This hidden gem provides you and your wedding party with exclusive use of the location and comes with a preparation room for the bridal party to get ready, beautiful water gardens and luxury accommodation. With an awards winning team on hand to help, you have a choice of four different locations within Heaton House Farm. Why not get married or party the night away under the stars?