Love might be in the air today, but it can also make good financial sense. Love isn’t the only reason for marriage in Ireland. If you are cohabiting, there are real financial and legal protections you might be missing! Knowing the differences can have a big impact on your financial future.
Why it matters?
• Without automatic protections, you could face tax, inheritance, and ownership risks—especially if you’ve bought a house together.
• Inheritance can treat you as a stranger, with limits like €20,000 tax free and up to 33% Capital Acquisitions Tax on the remainder.
• Cohabitants can apply to the court for a share of a deceased partner’s estate, but that’s not automatic and has time limits.
• Unmarried fathers do not have automatic guardianship rights.
Some smart steps to take now…
1. Write a will that clearly states what you want to leave each other.
2. Seek specialist Inheritance Tax planning advice.
3. Be intentional about property ownership (joint tenancy vs. tenancy in common) and document any contributions in a cohabitation agreement.
4. Review mortgage protection and life cover to avoid avoidable taxes on payouts.
5. Designate pension beneficiaries and death in service through a clear Letter of Wishes.
Qualifying cohabitants must have lived together for at least five years (no children), or two years if you have children. If one partner is still married, the two year rule applies only after living apart from the former spouse for at least four of the five previous years.
Apart from love, marriage can bring significant financial benefits – from joint tax relief to full inheritance rights between spouses. It also grants fathers automatic guardianship and simplifies estate planning.
Protect what matters most. Get in touch today and we can help you put the right financial protections in place for you and your partner.
