Valentines is often a time where couples reflect on their commitment to each other, with many taking this time to consider the next step in their relationship which may include considering moving in together.
Cohabiting couples are now the fastest growing family type, so here are 5 things you should consider if you are planning to live with your significant other:
- Do you know how you own your property? If you own your property as joint tenants your share of the property will automatically pass to the surviving partner in the event of death regardless of your separate contributions to the property which may not always be even.
- If you have contributed unequal amounts to your shared property, has this been properly recorded in a Declaration of Trust to protect your different financial contributions in the event of a breakdown of your relationship?
- Do you both have a Will in place which states what will happen to your property interest should one of you die? Unlike married couples, cohabiting couples are not afforded the same level of financial protection if one of you dies.
- If you do not have a Will, and you plan on living together for two or more years are you aware of the potential risk of your partner bringing a claim against your estate for reasonable provision?
- If you are considering moving a partner into a property you already own in your sole legal name, are you prepared for them to potentially become a beneficial owner of your property? If so, careful consideration should be made to record your partners contributions towards bills and home improvements and an express agreement of both parties’ intent should be recorded in the Declaration of Trust.
If any of the above resonates with your current or future situation and you want to add a layer of protection to your property interest, please get in touch with Chelsea Rosak chelsea.rosak@howespercival.com or our specialist Private Client solicitors who would be delighted to assist you.
