Many people choose to move in with a partner rather than get married. Where does this leave their finances and assets? Hannah Dominey, an experienced Matrimonial Solicitor at Frettens Solicitors, explains, “Cohabitation is where a couple make a life together. They live under the same roof, share living expenses and function as a partnership. This intention to make a life together distinguishes cohabiting couples from flat mates.”
“Married couples have a legal wrapper around their relationship which brings certain rights and protections if the relationship breaks down. This protection is not present for cohabiting couples. A long relationship does not make them a ‘common law’ husband/wife. There is no long service medal!”
“The harsh reality is that if you are in a cohabiting relationship, you have limited financial protection if you split up. For unmarried couples with children, the law obligates both parents to provide financial support to the children. This is centred on the child’s needs and does not have to continue after their 18th birthday. There is no means for the parent with the day to day child care responsibility to seek financial compensation for the impact that raising them has on their long term earning prospects.“
If you are planning on living together outside of marriage, a cohabitation agreement can help to ensure more financial protection should things go wrong. For information or a free initial consultation with Hannah Dominey call 01202 499255.