Anna Goldfarb reports on the necessity of planning before moving in with a partner; however, it is often overlooked by couples. Most couples don’t take the time to walk through the financial and legal implications of cohabitation beforehand, which according to leading legal and financial experts, is a major mistake and a missed opportunity.
Frederick Hertz, author of “Living Together: A Legal Guide for Unmarried Couples,” says the first step toward moving in together is to figure out what will happen should you part ways: “You can either plan your breakup in a civilized, caring, thoughtful way, or you can try to avoid it and have it be a nasty fight later on.” If you are renting or own a home, figure out who will stay in the event of a breakup. Nail down who will pay any pesky fees or taxes. Come up with a plan.
See full post at: What I Wish I’d Known Before Moving in Together – The New York Times
Posted by Jacqueline Groccia, Associate Editor, Wealth Strategies Journal.