Cohabiting

Protect yourself and your interests whilst cohabiting

Moving in with someone is a big step, it is exciting and whilst you do not go into a relationship planning for it to end, it is really important to be smart about protecting yourself and what is yours should things go awry. Here is how to protect yourself and your interests whilst cohabiting with your eyes open:

Talk Money (and Everything Else)

Before you even start packing, have some serious chats. How will you split rent and bills? What about food shopping, household supplies, and those unexpected expenses? Perhaps think about writing it all down in a Cohabitation Agreement. This is not romantic or an easy conversation to have, but it is smart. Also, discuss your expectations for chores, guests, noise levels, and personal space. The more you are on the same page from the start, the fewer arguments you may have in the future.

Protect Your Assets

Keep your finances separate. Open a joint account for shared expenses, but maintain your own bank accounts and credit cards. If you are buying furniture or appliances together, decide how you will split ownership if you separate. Document who owns what, especially big-ticket items. Consider renters’ insurance to protect your belongings in case of theft or damage.

Buying a house?

If you are buying a house together consider the advice from your conveyancer carefully in deciding the formal way you will own the house.  The options “joint tenants” and “tenants in common” sound similar but have very different outcomes.  You may be advised to enter into a Deed of Trust to confirm the shares and this will be relied on when the house is sold so is very important.

Know Your Rights

Laws about cohabitation vary. There is a common urban myth that you gain rights by simply living in someone else’s house – this Is not true. Research the laws so you know where you stand. A Cohabitation Agreement can also help spell out your rights and responsibilities.

Making a Will is also a point to think about when cohabiting. If you are not married or in a Civil Partnership a Will ensures that your partner and their children, if you wish for them to, inherit from you if you die. Without a Will, they may only be able to claim inheritance through the court if you have been living together for two years or if they were financially supported by you.

Living together can be an amazing experience. Just remember to communicate, protect your assets, and know your rights. A little planning can go a long way in making sure your cohabitation is happy and secure!

Read more about Cohabiting and making a Will to safeguard your interests and ensure you decide now who you wish to leave your assets to.

If you would like to discuss your options further please do contact a member of our Family law team or Private Client law team at:-

Kerseys Solicitors in Ipswich at [email protected] on telephone 01473 213311

Kerseys Solicitors in Felixstowe at [email protected] on 01394 834557 

Kerseys Solicitors in Woodbridge at [email protected] on 01394 813732 

Kerseys Solicitors in Colchester at [email protected] on 01206 584584