Why marriage is better than cohabitation

Banking and other money troubles One of the biggest advantages that married status has over living together in cohabitation is that dividing money up in the event of death is so much simpler. If a husband and wife have a joint bank account, then the money is owned jointly regardless of who deposited the money. So, if one partner dies, the whole account automatically becomes the property of the other. This also means that any debts and overdrafts held by the recently deceased will become the property of the other. Aside from that, marriage is generally a more advantageous status when it comes to money. Let’s compare this with an unmarried couple: when an unmarried couple lives together and have separate bank accounts, neither partner has access. Even if one partner dies, any balance in their account will become property of their estate and will, most likely, be transferred to their closest family. If an unmarried couple has a joint bank account then, as in marriage, the money will belong to both partners. An important distinction to make here is that if one partner rarely used the account (didn’t pay any money in or take any out) and the relationship ends then that partner will find it extremely difficult to claim any rights regarding that bank account. The ‘common-law myth’ leaves many in hardship According to research conducted by Resolution, the family justice body, two-thirds of cohabiting couples are unaware that ‘common law marriage’ is actually a myth and their rights regarding money, wills, and property are scant. When it comes to will disputes and leaving an inheritance behind, this long-held misunderstanding leaves many bereaved partners out in the cold in what is already an incredibly stressful and sad time in their lives. In unmarried couples, will disputes are extremely complex and in many cases can lead to family arguments and rifts within previously strong family units. If you’re unsure - make a cohabitation agreement In summary, there are advantages and disadvantages to both but it is increasingly clear to see why cohabitation is so popular. What you can do to make it a little safer is draw up a cohabitation agreement. Contact an experienced team of cohabitation solicitors for a full rundown of their cohabitation services.