Break-ups are always difficult, whether you parted amicably or not. If you have been living together but not married, the practical aspects can be especially hard. When married couples split, they can go through the divorce process and have a legal reference for the division of assets. But for unmarried couples, things are a little less clear-cut. It's important to make sure that your ex doesn't take advantage of you or the situation when dividing assets.
This blog will provide a brief overview of the best procedure to go through when dividing assets due to a split with your former live-in partner.
In an ideal world, when moving in together, you would have drafted a cohabitation agreement. This agreement should form a contract that essentially describes how you plan to share your assets, debts and property, as well as how you plan to share any assets that are acquired in the future.
If your break up is not amicable and you seek legal protection, it may be comforting to know that 28 states recognize domestic partnerships, and offer rights to those partnerships that come to an end. However, the legal definition of domestic partnerships very from state to state.
If you are having trouble successfully and amicably splitting the assets between you and your partner, it may be time to consider getting legal assistance. Usually the assets that you owned before the relationship occurred will still be yours, but if you purchased large assets as a couple, there will be a gray area.
Source: cnbc, "The financial issues when unmarried couples split," accessed Sep. 07, 2017