Live In Relationships And Money
These days it is just as common for a couple to decide to live together as it is for them to decide to get married. When a couple gets married and then gets a divorce, financial matters can be complicated enough to resolve. When couples are only living together and then split up, you would think that there should not be financial matters to resolve, but that is far from true.If you have ever watched some of the court television shows, then you have probably saw how complicated these relationships can get when it comes to money. He said, she said, he spent, she spent are always hot topics and they always involve money owed to one partner from the other.
There are precautions you should take whenever you decide that living together is better than marriage. The first thing you should make clear and perhaps even put into a contract is how the rent or mortgage and other living expenses are to be divided up. A 50/50 arrangement is usually the best way to do this and if both parties adhere to the agreement that is fine. If the relationships ends and one party might owe the other one for expenses, you may be able to take them to court to recoup your losses when you have a legally binding contract.
The other big mistakes that live in couples make are when they join their finances in things like bank accounts or credit cards. These things should definitely be kept separate. Each partner should keep their lines of credit and money accounts separated. Trying to live like a married couple when you are not can lead to all sorts of problems and suddenly living together and splitting up can take on all the similar characteristics of a divorce.
Sometimes when people are in love and living together, you will be tempted to help your partner out financially if they need it. This can also be a big mistake. It might be a hard thing to do to make them go it alone when they need extra cash, but most people who have done this will tell you that loaning and giving money as gifts will probably eventually lead to problems and hard feelings.
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