Our advice to Halle and Olivier
Posted: Thursday 19 January 2012
Our advice to Halle and Olivier
So, if recent media reports are accurate, Halle Berry is engaged to Olivier Martinez and Kylie wishes them well.
While this couple is not likely to struggle for money during their lives together, for many newly weds finances can pose a challenge. Navigating the current economy and personal circumstances has changed somewhat in a generation and advice from parents can often prove out of date. There are many things to consider around planning a wedding itself and understanding the legal considerations of marriage.
So while it might appear that you need to have the earning capacity of Halle and Olivier 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.
Julie McMahon of Morton Fraser is a legal expert who specialises in advising clients about tax and asset protection matters. Julie offers her top tips to Halle and Olivier:
- Pre nups may not be romantic but they are a sensible approach – given that you both have assets and Halle has a child from a previous relationship, 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 because you have children from a previous relationship.
- Seek professional advice about tax implications as this changes post wedding regarding income tax and capital gains tax allowances.
- If more 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!
Morton Fraser provides a Top tips fact sheet for newly engaged couples. You can read the fact sheet here.
If you would like to speak to Julie to discuss any aspect of marital status or legal and financial matters you can contact her directly on 0141 274 1108 or julie.mcmahon@morton-fraser.com
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