Mutual Love and Money Home | News Release | Regional Statistics (pdf)
As times change, more unmarried couples are living together than ever before, but while couples' enthusiasm for setting up home is growing, their willingness to share their finances doesn't seem to be keeping pace.
Our research reveals that financial worries are putting pressures on modern relationships and one in five (21%) people who are either married or co-habiting are opting to keep their finances separate from their other half. One in 10 (9%) even go so far as to say that having joint finances is 'risky'.
The good news is that, by setting out a few 'ground rules' about your finances with your partner before any trouble brews, you can make your relationship as strong as possible. Making a will is a good start, but it's also a good idea to consider things like 'living together agreements' which set out things such as who pays which bills, how personal possessions would be divided if you split and what would happen with your property if one person had to move out.
To try and help couples navigate the implications of sharing their finances, Skipton has launched a new website at www.love-and-money.co.uk, which tackles the common law myth and encourages couples - whether married, in a civil partnership or co-habiting - to take a pro-active approach to their finances. Alternatively you can get advice on everything from mortgages and savings to writing a will and inheritance tax planning by visiting your local branch or calling us on 08457 171777* to find out more.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.