Entering into a new relationship can be an exciting time, especially after a period of such stress and turmoil that a divorce likely brought about. Even with the feelings that come with this happy period, it is important to maintain your own independent financial priorities.
If you are considering moving in with a new partner, take the time to research the common-in-law legislation in your area. For example, after a certain period of time, if you are co-habiting with your new partner in a home you previously owned, should there be a dissolution of the relationship, he or she may be eligible for some percentage of the value of the property.
Similarly, after a certain period of time, any debt your partner may have accumulated could reflect on your credit as well.
As exciting as a new relationship can be, should things progress, it is essential to have what may be an uncomfortable conversation with your partner about their finances. Many couples choose to create a co-habitation agreement which can act as a vehicle to protect each other’s financial interests. Talking to your financial advisor about your individual situation will help you navigate what the right decision for you and your partner may be.
Transparency and honesty in your relationship – especially when having “tough” conversations – will ultimately strengthen your bond and lead to a smoother path together in the future.
For further information on financial factors to consider when in a relationship, please don’t hesitate to contact me at 416.867.8272 or by email at email@example.com.
Partner and Portfolio Manager
KJ Harrison Investors
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