Figuring Out Finances When Living Together

August 3, 2012 12:00 AM
Figuring Out Finances When Living Together
" BOSTON (CBS) – According to the Census Bureau there are over 8 million couples living together and these are just the ones telling the Census Bureau about it. And about one third of them are over 55.

Figuring Out Finances When Living Together

I figure there is a lot more people living together who are not answering the Census Bureau’s questions truthfully!

Nearly 70% of couples that live together for five years or longer do eventually get married but interestingly they don’t have any better luck than those couples that choose to get married in the beginning of the relationship. Their divorce rate is the same 50%. So that old argument about testing the waters doesn’t cut it here.

With a marriage the law gives the couple certain rights during the marriage and when you want to dissolve it. A benefit of marriage is divorce. As an unmarried couple you will need to create those same rights by having agreements on how you will handle your possessions in the future. Many couples have a “marriage by mortgage”. They buy a house together and when they split, they don’t know how to get out of the mortgage "

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