Financial advice for moving in together

Financial advice for moving in together

Moving in with your partner can be an enormous step in terms of both emotions and finance. Experts believe that couples who move in together need to have the same kind of discussions in regards to living arrangements as are held by married couples, and also say that unmarried individuals who are living together should take extra precautions with their finances.

Prior to moving in together, couples need to work out if they have shared lifestyles and then calculate a budget and come to an agreement on which expenses are paid by which person. A discussion should be honest and upfront when it comes to talking about the managing of all of your different expenses and assets.

Should the relationship sour, it is also vital for couples to have an exit plan. The terms of living together should be agreed before any relocation takes place, and legal agreements should be made about anything that is co-owned, such as motor vehicles or residential properties. A name that is not on the asset means that the person will have not a legal right to it.

It may not sound terribly romantic, but the good news is that couples who do team up and talk about their finances are much more likely to end up being able to meet any long term financial goals that they may have. Open communication on everything, including financial issues, is the key to making sure that a relationship will thrive.

Jon Huser