{"id":760,"date":"2022-03-31T14:35:32","date_gmt":"2022-03-31T13:35:32","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/quilter\/?p=760"},"modified":"2022-03-31T14:35:35","modified_gmt":"2022-03-31T13:35:35","slug":"financial-decisions-for-co-habiting-couples","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/quilter\/2022\/03\/31\/financial-decisions-for-co-habiting-couples\/","title":{"rendered":"Financial decisions for co-habiting couples"},"content":{"rendered":"
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Whether\nit\u2019s young couples moving into a first home together or older pairs blending\nfamilies after a divorce or bereavement, many people co-habit at various stages\nin their lives. But some who have lived together for years, or even decades,\nmight be surprised to learn they don\u2019t have the same legal rights as a married\ncouple or civil partners.    <\/strong><\/p>\n<\/div>\n\n

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Property\nperils<\/strong><\/p>\n<\/div>\n\n

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Take\nproperty for example. If your name does not appear on the deeds, you are not\nautomatically entitled to any share of the property, regardless of how long you\nhave lived in it or how much you have contributed to a mortgage.       <\/p>\n<\/div>\n\n

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Tenancy\ntypes    <\/strong><\/p>\n<\/div>\n\n

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That\u2019s\nwhy it\u2019s important to think about tenancy types when buying a property with\nsomeone else. You can choose to be joint tenants, where the property is owned\nequally, or tenants in common, where each person owns a specific part of the\nproperty.    <\/p>\n<\/div>\n\n

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As\na joint tenant, you are entitled to half of sale proceeds if you decide to sell\nthe house. Crucially, your partner would also automatically inherit your share\nof the home if you were to die \u2013 and vice versa. As a tenant in common, you\nonly own your proportion of the property and therefore the deceased tenant\u2019s\npart would not be passed on to you unless, for example, they had bequeathed it\nto you in a Will.    <\/p>\n<\/div>\n\n

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Life\ninsurance    <\/strong><\/p>\n<\/div>\n\n

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Another\nconsideration is life insurance. Unlike married couples who receive a\nbereavement support payment if their spouse dies before State Pension age,\nthose co-habiting are not eligible for financial assistance. Therefore, if your\npartner might struggle financially were you to die, life insurance could help\nprovide for their needs and thus bring peace of mind once in place.    <\/p>\n<\/div>\n\n

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Steps\nto take    <\/strong><\/p>\n<\/div>\n\n

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If\nyou haven\u2019t already, you should also think about drawing up a Will. Another important\ndocument to consider is a living together agreement, which can be used to set\nout how your possessions or assets might be split if your relationship were to\nend.    <\/p>\n<\/div>\n\n

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Talk\nto us  <\/strong><\/p>\n<\/div>\n\n

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We\ncan help you understand the law around co-habitation so that you can protect\nyourself, your children, and your partner.<\/p>\n<\/div>\n\n

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It is\nimportant to take professional advice before making any decision relating to\nyour personal finances. Information within this article is based on our current\nunderstanding and can be subject to change without notice and the accuracy and\ncompleteness of the information cannot be guaranteed. It does not provide\nindividual tailored investment advice and is for guidance only. Some rules may\nvary in different parts of the UK.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Whether it\u2019s young couples moving into a first home together or older pairs blending families after a divorce or bereavement, many people co-habit at various stages in their lives. But some who have lived together for years, or even decades, might be surprised to learn they don\u2019t have the same legal rights as a married […]<\/p>\n","protected":false},"author":12,"featured_media":761,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/760"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/comments?post=760"}],"version-history":[{"count":3,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/760\/revisions"}],"predecessor-version":[{"id":764,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/760\/revisions\/764"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media\/761"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media?parent=760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/categories?post=760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/tags?post=760"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/hd_content_source?post=760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}