Expert: Build trust and plan together

Church, senior financial planning director at Investec Wealth & Investment, believes that how couples manage their finances has inevitably changed over the generations, and there is not a ‘one-size-fits-all’ model that works for everyone.

‘Historically, married couples would hold all their money in one joint account in both their names. That worked when husbands were more likely to go out to work and wives would stay at home. But today, as couples often have careers and assets before they meet, they may find it harder to lose that independence. It is about building trust and working out what is best for you.’

Married couples and those in civil partnerships can also benefit from a number of lucrative tax breaks.

For example, the Marriage Tax Allowance is available where one person earns less than the personal allowance threshold of £12,750. They can transfer up to £1,260 of their allowance to their partner to reduce their tax bill. The tax break is worth up to £252 a year.

Couples can also bequeath their estates to each other with no inheritance tax to pay, so long as they are married or in a civil partnership.

They can also transfer any unused inheritance tax allowances.