OVER 12 MILLION PEOPLE LIVE TOGETHER IN THE US THREE REASONS WHY1. saving $ 2. Solidify the relationship and spend time together 3. Learn to co exist
COUPLES NEED TO DISCUSS THEIR OBLIGATIONS MINIMIZE PROBLEMS
- Be honest about money matters and talk everything through first
- Fights arise when stones are left upturned and the skeletons come crashing out of the closet. – Get financially naked!
- Admit debt , liens etc so your partner knows what he/she is getting themselves into
MANY DON’T WED BECAUSE OF UNCERTAINTY MONEY ISSUES, UNEMPLOYMENT & DIVORCECouples that decide to live together and not necessarily wed need to think about:
- Who will pay what for their living expenses
- Who will inherit their assets
- Who will be in charge of their medical directives in case of emergency
- Do you they want life insurance? To underwrite the mortgage?
- Designate each other as beneficiaries for retirement plans
UNDERSTAND HOW THE LAW WORK SIN YOUR STATE GET CLEAR ON HOW YOU WANT TO CO EXIST FINANCIALLYCouples that decide to live together and not necessarily wed need to think about:
- Make sure they own the property together if they are equally contributing to the mortgage and taxes because if one person passes away and the other is not on the deed the home there may a legal battle after death.
- Owning the property jointly would avoid any legal disputes and clearly identify ownership.
- They need to determine if they want to designate each other as beneficiaries for retirement and life insurance. Medical directive? Power of attorney over finances?