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Living Together: How To Make Sure You Are Financially Safe
Henry Jennings
If you are currently in a common law marriage or are living together without a legal marriage license, there are some things you need to keep in mind when it comes to your finances. When you get married, you enter into a legal contract by the state that allows you certain protections and benefits when it comes to property, money, and other assets. If you are not married, you are not typically afforded those rights. However, a living-together contract can be drawn up.
Living-Together Contracts
If you are living with your partner for the long term, it is likely that you have decided to make large financial decisions together, such as purchasing a home or a car, and sharing the same bank accounts. It can become a problem, however, if you decide to end the relationship. Even the most amicable of separations can still get hairy when it comes to separating all of the financials you have combined.
In order to easily get through the separation of assets, a living-together contract can be drawn up. This contract can help you decide who owns what should you decide to end your relationship. It is a document that states what each person owns, what they are entitled to, and financial arrangements for children if you have them together
What Should Be Included
Your contract will be based on your own situation and will vary from arrangement to arrangement, but there is a general outline you should follow. In the agreement, you will need to state what each of you owned before you moved in together, the assets you obtained jointly during the relationship, land or property you bought together, and so on. You will also need to include any major lump sums of money you received while you were together, such as an inheritance or a settlement. In this agreement, you also need to discuss how you handled your bank accounts, who you pay bills, and what will happen if one partner dies.
This contract should be put in writing in order to prevent any issues in the future. You do not need to use an attorney to draw up this type of contract, but it is ideal to confer with one to make sure your contract is binding.
Living-together contracts are not always a pleasant topic to discuss, but it can save you a lot of headaches in the future. Be sure to check your state laws to ensure this type of contract is legal and binding before you get started. For more information, consult with a local attorney.
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