Silver Weddings

14th November 2018

Lately, I have noticed a lot of weddings where the couple have been together for decades. So naturally, curiosity got the better of me and I started to ask – why?

It seems the main reason is inheritance tax planning. As spouses inherit their partner's assets tax-free. Simple and as practical as that!

However, whilst they may be saving money on their deaths by reducing the inheritance tax liability they may, in fact, suffer a financial loss during their lifetimes, drastically affecting their standard of living, should they be one of the 42% of married couples whose marriages break down irretrievably.

“It will never happen to us” they cry. “We have been together for decades” they reason.

This may be so, however, in my vast experience, as a divorce lawyer and coach, this is more common than you may think.  I believe it is because couples take their foot off the gas and stop making the effort they did before they were married. It is like they have won the trophy prize and there is nothing else to strive for. Another reason for a separation after many decades of being together is that the parties have grown apart in those decades and this has only come to light once the children have all flown the nest and the parents find themselves rumbling round in a big and very quiet family home.

A third common reason is that some couples struggle to come to terms with retirement and being in each other’s pockets 24/7 or they start new singular hobbies and pursuits which consequently can cause tensions and resentment to develop reaching crisis point and separation inevitable.

My advice to anyone considering getting married after decades together is that whilst you may be mitigating future inheritance tax liabilities be aware marriage is a legal contract and with it comes legal and financial responsibilities and obligations that do not exist between unmarried cohabiting couples. 

So, before you say “I do” do your due diligence and find out the financial consequences of a subsequent parting of ways both as a married couple or if you remain an unmarried couple. 

If you want to know more book a chat with Sarah

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