Posted: Wednesday 6 June 2012
Achy Breaky Heart or Best of Both Worlds for Miley
By I have recently suspected I am getting on a bit so imagine my concern when my reaction to the news of Miley Cyrus’ engagement was “Hannah Montana can’t possibly be old enough to get engaged”.
As someone who remembers when Miley’s dad Billy Ray was in the charts with Achy Breaky Heart and who has watched every episode of Hannah Montana (with my daughter I hasten to add) I have found the news a little unsettling. Moving on I wish them both the very best and while this couple is not likely to struggle for money during their lives together it made me think about the issues facing newlyweds today.
There are many things to consider around planning a wedding and understanding the legal considerations of marriage. So while it might appear that you need to have the earning capacity of Miley and Liam to enjoy your newly found engaged status, anyone entering into a marriage or civil partnership should consider these matters and seek relevant advice to enjoy protection, peace of mind and most importantly feel able to enjoy the excitement of planning their wedding.
Here are my tips for Miley and Liam:
- Pre nups may not be romantic but they are a sensible approach – given that you both have assets due consideration to a pre-nuptial agreement is advised.
- Parents and grandparents can give inheritance tax free cash gifts – bear this in mind if they would like to make a cash gift.
- Seek professional advice about ownership arrangements for property purchases before and after the wedding.
- Wills are necessary particularly if you have children later on.
- Seek professional advice about tax implications as this changes post wedding regarding income tax and capital gains tax allowances.
- If children and/or schools fees are on the cards seek advice about the most efficient way to save for these.
- It’s never too early to plan for retirement!
For further tips and advice for engaged couples please take a look at our useful factsheet.
