Unmarried couples need to keep finances simple and separate

On behalf of Stange Law Firm, PC posted in Unmarried Couples on Sunday, October 2, 2016.

Even if your relationship with your live-in partner could not be better, be aware that things can change over time. Any number of unforeseeable factors could contribute to a parting of the ways. And if this happens, you want to make the break as clean as possible and you want to retain that which belongs to you.

When it comes to assets, it is best for unmarried couples to keep things as simple as possible. And for the most part, simple means separate. For example, if you purchase a car, keep the title in your name only, even if you both routinely use it. Moreover, if your partner purchases the car, it is not advisable that you put money toward its payments as you may never get that money back later. If you think that costs for the car will become an issue, you can create a legal agreement that stipulates who bears financial responsibility for what.

But of course, hindsight is always 20/20 and perhaps you came across this post after already having commingled your assets with your partner and now you are in the process of dissolving the relationship. Well, the bad news is that things are a bit more complicated, but the good news is that you still can obtain your fair share.

An experienced family law attorney can help you by expediting a partition action on your behalf. When executing a partition action, you and your former partner will each be granted control of a portion of the property. And having an attorney representing your interests gives you your best opportunity to receive an acceptable settlement.

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