If you find yourself in a long-term relationship with an unmarried partner in Florida, you face many unique challenges when it comes to building equity in a home or keeping finances separate. It is important to understand your situation from a legal perspective.
You should educate yourself on the implications this means for your financial future.
Insights on budgeting for unmarried couples
A look at this topic in Huffpost says that about 18 million unmarried couples live together and split financial responsibilities. This includes a broad mix of income levels, ranging from couples who have wide discrepancies in incomes to those who earn about the same amount.
In cases where partners make different amounts of money, splitting things by the percentage of income you make can result in a fair approach. This helps the person who makes less achieve such goals as saving for a trip or retirement as well as paying off student debt and other commitments.
When it comes to savings, unmarried couples have no legal claim to their partner’s accounts. Therefore, professionals recommend you keep your savings accounts separate to avoid confusion and bitter arguments should the relationship end.
Practices that help with fairness
In some cases, you might want to consider a cohabitation agreement. This legal document builds protection for both you and your partner as its spells out the responsibilities for each person. You can think of it as the equivalent of a prenuptial agreement. It forms a guideline for fairness should the relationship end.
The more you learn about a common-law marriage in Florida, the better off you are. The situation has both benefits and downsides.
