The thought of a relationship ending is often the last thing on your mind when you’re living together, but it is crucial for couples to understand the financial implications and how it may affect any children involved. If you are not married, there is no automatic right to make financial claims for support from your ex-partner. This means that if you have given up your career to raise children but have chosen not to get married, your ex-partner won't be obligated to support you financially, except for providing child maintenance for your shared children.
Even if you have contributed towards the mortgage after moving into your partner's home, there are no guarantees that you'll receive a share of the equity in case of a separation. It is important to be aware of these risks and protect yourself accordingly.
Cohabitation agreements – protect yourself
If you are already living together or are thinking about moving in together, it is important to consider creating a Cohabitation Agreement (sometimes called a “Living Together Agreement”). This Agreement can provide peace of mind, ensuring that both you and your partner are protected, regardless of how your relationship might change in the future.
We have helped countless couples create Cohabitation Agreements and many find it much easier to do so while they are in a strong, loving relationship rather than dealing with the consequences of a complicated break up later on. A Cohabitation Agreement can also regulate “who pays what” during the relationship.
We take the time to understand each couple’s unique circumstances and draft an agreement that will protect both partners and outline the responsibilities in the event of a break up. Often, if a partner is moving into your home that you may have owned before the relationship began, it is helpful to outline whether your partner will be acquiring an interest in your property or set out plans and intentions relating to financial matters etc.
It is also essential to review any existing Wills or create new ones to ensure that your wishes for inheritance are carried out.
At Moore & Tibbits, we explain everything in plain and simple terms, ensuring that you fully understand the process. If you are living together and not married, it is important to seek legal advice tailored to your specific situation. Call our friendly team on 01926 354704 to find out more.