Marriage

One of the most common topics of argument between couples is money. To keep rows to a minimum, find a way of handling joint finances that you both feel is fair and workable. Be upfront about discussing your new financial goals as a couple: budgets, decisions on who pays for what, and whether you have joint accounts.

On a more practical level, if you've changed your name, make sure that you update your banking cards and identification, such as your driver's licence. If you don't already have a will, make one, and it's worth reviewing your insurance coverage, particularly if you were living separately before you got married.

Making the most of tax breaks

The married couples allowance was withdrawn for everyone except pensioners in 2000, but the government is proposing a new tax break for married couples and civil partners by 2015, which could offer couples a tax saving of up to £150 a year. These plans are at a very early stage, but there are already several ways to reduce your tax bill if you're married or in a civil partnership. They include:

Transferring savings and assets

Don't forget that all interest from Individual Savings Accounts (ISAs) is tax free and, as a couple, you can save £23,040 in ISAs this tax year. You can place the full amount in Stocks and Shares ISAs (and avoid Capital Gains Tax (CGT) on any share profits) or put up to £11,520 of your combined allowance in Cash ISAs⁽²⁾.

• Learn more about ISAs

Capital Gains Tax (CGT)

When you sell assets such as shares or a second home you're liable to pay CGT on any increase in their value since you acquired them⁽⁵⁾. But transfers between husband and wife or between registered civil partners don't attract CGT, so this means you're free to switch assets between you to make the most of tax allowances.

Currently, capital gains under £10,900 a year are tax free. And you can double this by transferring assets into your joint names, ensuring you don't pay tax on the first £21,800⁽³⁾ of your gains.

Alternatively, if you and your partner pay different rates of tax, you might prefer to keep assets in the name of the lower earner, as the government recently increased the rate of CGT for higher- and additional-rate taxpayers from 18% to 28%⁽⁴⁾.

Similarly, you can transfer savings into the name of the lower-earning partner in order to pay less tax. Savings interest is normally taxed at 20% before you receive it. If you're a higher- or additional-rate taxpayer, you'll owe more tax, but if you have a low income you might be able to claim some tax back.

• Read more about tax on savings and investments

Being married or in a civil partnership usually entitles you to death benefits from your partner's pension scheme. Many occupational pension schemes, for example, pay widowers a lump sum death benefit of up to four times their partner's salary. But bear in mind that the payment is often at the discretion of pension scheme trustees.

Another benefit to tying the knot is that married couples and civil partners can pass assets to each other without being liable for IHT, provided their permanent home is in the UK. Inheritance tax is usually paid on an estate when someone dies.

Married/civil partners also benefit from a transferable threshold for IHT. If, for example, your partner leaves everything to you when they die, they won't use any of their IHT-free allowance. It's then possible to transfer their unused allowance to you so that your estate benefits from an IHT-free allowance of £650,000 (tax year 2012–2013), which is double the individual threshold⁽⁵⁾.

• Find out more about IHT