It’s good to talk….

Have you seen the TV advert for a bank, which shows people squirming in embarrassment when trying to talk to their family about money? 

Of course it can be difficult to broach the subject of finances, especially if you want to talk to your partner about your home.  You might be worried about saying the wrong thing or about causing an argument and jeopardising your happiness.  But to keep quiet and let things drift could mean that if the relationship finishes, you could be left out of pocket and even homeless.

So be brave.  Take control of your financial future and talk about money.  Your partner should respect you for it.

If you are buying a home together, talk about your joint plans.  Be clear what you are both contributing, who is going to pay the mortgage and the other outgoings.  Be honest about what you want to happen and your financial fears for the future.

Talk to your conveyancer about the different ways to own property together, about owing as joint tenants or tenants in common and in what shares.  If your situation is not straightforward, get your solicitor to draft a Deed of Trust, setting out clearly who will own what, whether you should have the right to buy your partner out in the future if you split up and a clear exit timetable.

You may also benefit from having a Cohabitation Agreement.  You can put whatever you like in this, it is essentially a contract between you and it can help in ensuring that both of you are clear on your financial agreement and the terms of your new life together.

If you are already living with your partner, maybe your finances have become muddled and you are not sure who owns what, you can still commission a Deed or an Agreement.  This can be especially important if you are about to put more money into your home, maybe to build an extension or to overpay the mortgage.

It might mean an uncomfortable conversation or two.  But it is important and could help avoid litigation further down the line. Talk.  And get advice on your rights.  This is why I support the Resolution campaign #ABetterWay.

Insights.

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