How not to let romance cloud your financial judgement Curiously
Discussing money may seem the perfect way to put a dampener on that rose-tinted future, but couples should carefully consider how they deal with their finances, advises financial journalist Paul Lewis, long-time presenter of BBC Radio 4’s Money Box.
“When you are just cohabiting – when you’re not married/in a civil partnership – you have absolutely no financial rights with regard to the other person. It’s slightly different in Scotland, in that you have some rights, although they are not as strong as they might be.” “I’m not saying that everybody should get married, but marriage protects you from all that,” Lewis adds. “It gives you rights when a relationship ends and, indeed, if the other person dies.”
“They may use children, saying, ‘Why don’t you look after the children, as it’s much easier?’ – which means you become financially a much weaker person in the relationship, which makes it much harder to leave if it goes wrong. If you think you or one of your friends is in an abusive relationship financially, there’s a charity called Surviving Economic Abuse which may be able to help.”
However, be aware that either one of you can remove all the cash from the joint account without the other’s consent, he warns.
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