Guide to buying property with your partner
Today we have two very good articles which offer a guide to buying property with your partner and many other financial issues that are so often overlooked or completely ignored when two people decide to live together.
I have lost count of the number of couples I have worked with who tell me they are buying an investment property but ‘it has nothing to do with my partner, we keep our financial lives completely separate”.
It’s Spring again and love is in the air so it’s maybe a great time to sit down with your significant other and sort out some problems you may face if you decide to go your separate ways at some point in the future. Probably the two most important issues to recognise are:
- If you have been living together for two years or more, then under Australian law you will be treated in the same way as a married couple.
- Understanding point 1 above, you should try to steer clear of potential sexually transmitted debt.
Moving in together with a partner can triggers unexpected tax and financial consequences that are not all bad as there can also be unexpected financial gains from living together. Read here: https://goo.gl/ktYEYg
Relationship Australia research has found that disagreements over money are a stronger predictor of divorce than other commonly cited causes of marital disagreements.
Among other things, the 2015 online survey by Relationships Australia found 7 out of 10 couples said money causes tension in their relationships
A lot of people think that a pre-nuptial agreement is something that can only be done before an actual wedding but it makes a lot of sense to organise a pre-nuptial agreement before you move in with somebody. While it may be easy to keep separate bank accounts, what about the money your partner owes to the Bank? Half could easily become yours! Or what about your superannuation or even the inheritance from your parents that went towards paying off the house you both own or maybe its sitting in your long-term deposit or share portfolio; it may only be half yours!
There are other issues that can immediately affect you for good or for bad and they are all worth checking out. Make sure you do your guide to buying property with your partner. Here is a small list but further information on how they affect you can be found on the above link and below..
- Medicare levy surcharge
- Private health insurance rebate
- Businesses and structures
Find out more at: https://goo.gl/pxcLUO
