Moving in with your partner can be an exciting prospect; however without due consideration paid to financial matters, the moving in process can go from exciting to nerve-wracking. However if you observe and keep these tips in mind, you should have no problems when you move.
1. Have an initial discussion about your finances – sit down with your partner and map out your respective incomes, bills, and expenses. This will give you a good idea of what kind of spending power you’ll have living together, as well as a good idea of where you could afford to live. It will also help in deciding how to split bills, because if you’re not earning the same amount as your partner, it’s unlikely that you’ll each pay 50% of the bills.
2. Consider keeping your finances separate for the most part – even though you’re moving in with them, you have no obligation to join finances with your partner. It may not be a wise move to set up joint bank accounts/credit cards with someone who is essentially your roommate; a nasty breakup could see you locked in an expensive legal battle over your own assets. You can always join your finances later if you and your partner decide to get married.
3. Draw up a ‘roommate prenup’ – While you and your partner might not be married, it’s still an extremely good move to draw up a series of agreed on rules and regulations that essentially spell out the conditions of you and your partners living arrangement. While you might prefer trust over a written contract, it really boils down to better safe than sorry. It also further legitimises your position as a couple living together, as it solidifies your financial obligations to each other.
4. Sort out your respective insurance and legal policies – it’s worth checking if any of your insurance policies extend to domestic partners, or offer benefits to your partner. Also naming your partner as a beneficiary on any life insurance policy you may hold is something you may want to do, as is giving your partner power of attorney. However these are big choices to make, so definitely discuss these with your partner and with a professional financial adviser before making any decisions.
As long as you and your partner discuss and understand your respective financial situations, moving in together doesn’t have to end up being a situation your wallet regrets.
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