Married but still dating
But living together as you get older (and hopefully wealthier) can pose additional challenges.It’s essential to remember that when it comes to money, the law doesn’t fully recognize relationships not officially documented on paper.But even without a will, the law won’t leave a surviving spouse high and dry, thanks to another piece of paper — a marriage certificate.However, if there’s no paper, as far as the law is concerned, you’re strangers even if you’ve shared a bed for 20 years.I'm a CPA, author of a few books and multiple Emmy recipient.
Unmarried couples may decide not only to move in together but also to buy their own place.
Because she makes more than John, Jane proceeds to make the monthly mortgage payments.
Is Jane then entitled to any of the equity she’s creating by paying down John’s mortgage? Absent a legal document to the contrary, it’s John’s house and his equity.
According to Nolo.com, these couples must: Keep in mind that the burden of proving you’re a common-law married couple will fall to you — it’s not automatic. Share with us in comments or on the Money Talks News Facebook page.
Once you’ve proved it, you’ll then have the privileges of married couples — including the privilege of going through a legal divorce if you break up. I'm the founder of Money Talks News and have spent the last 40 years in the personal finance trenches.
If you don’t relish the idea of a parent, sibling or some distant uncle inheriting everything, get a will.