If you plan on living your life as an unmarried couple, then you have to stay put when it comes to finances and this article will indicate some useful financial tips that you can use when planning your current and future life:
- Make sure that you come up with an agreement (similar to a pre-nuptial) on which you both define your financial responsibilities. I know, it is a tough one, because we are talking here about living a life together with a person whom you trust and love. For this reason you don’t see it as a necessity to have a written cohabitation agreement, but people get changed over the years, they can make mistakes over which one or the other won’t be able to overlook.
Yes, this must be love the feeling that determines you to share your life in a complete freedom from making the relationship legalized. But kids may come along the way, and for this reason you don’t have to think merely about you, but also about their future. Therefore, have a lawyer to draw the agreement and on which you both agree to sign. It is better this way, trust me.
- When living as an unmarried couple, it seems that everything that you have in the will may or may not undergo modifications. You have to understand that everything that you own will have to be inherited by someone you love and want to care for once you won’t be there for them. So, update your will as soon as you have thoroughly tested your relationship and consider that your life partner (or kids) truly deserves your assets.
- Another useful financial tip is for those times when you decide to move in together but haven’t done this yet. At this point you have to consider keeping your assets separated at least for the first period of time. You will have time to think whether or not it is smart move to move in together or you still need time to figure things out. Also pay attention to your checking and saving accounts, stabilizing any other cost on car repayments, college loans, etc.
- The next financial tip is related to the decision of buying a house together. If one of you already lives at the premises being the house title owner, then he or she owns the house, regardless who ends up paying for the mortgage. In case you purchase the house and both of you are the house owners, then you are both entitled to share it in case your relationship reaches an end. Nevertheless, it is essential that you do not make any assumption on these matters, instead consult with a lawyer and find out more legal info before taking on the mortgage or any other step forward.