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Thursday 13th December 2007
Couples can benefit from tax breaks if both partners are saving regularly, it has been claimed.
According to Lisanne Mealing, director of financial advisers MDM Associates, there are some important benefits to be gained if both partners are regularly maintaining savings accounts.
Among the benefits that are in place for married couples where both partners have savings, higher tax allowances on pensions, and possible inheritance tax advantages.
However, despite this Ms Mealing said that many women are still "rather naively" choosing to rely exclusively on their husband's assets.
She explained that women often do not put their money into savings for a number of reasons, saying: "There seems to be a greater call on their money for household items, incidentals, holidays and things like that, whereas the husband will do more of the planning on the financial side."
A recent report from the Fawcett Society warned that women are likely to struggle financially for a longer period following a divorce than a man, as women are less likely to have savings in place.
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