Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Financial differences between cohabitation and marriage

By Ron Hogan Subscribe to RSS | February 27th 2012 | Views:
loading
 
  



For cohabiting couples who have separate bank accounts, neither of you can have access to money held in the other partners account. In the event of the death of one of the partners, any balance in the account will be the property of your partner's estate and cannot be used until the estate is settled.

A joint account between the two partners can be accessed by both partners, irrespective who pays into it. If your relationship ends, each partner is entitled to an equal share of the account. On the other hand, if one of you didn't use the account at all, for example, you didn't pay any money in or take any out, it may be difficult to claim that you have any right to it.

If one partner dies, the remaining partner is entitled to full and sole access to the joint account. However, a proportion of the balance will be taken into account when calculating the value of the estate of the person who has died.

On the other hand, when a married couple has a joint account, both parties have equal rights to the money in the account. The entire account becomes the property of one partner in the event of the death of the other. Debts and overdrafts relating to a joint bank account will be the responsibility of both or either partner, irrespective of who incurred them.

If each partner in a married couple has a separate bank account and one dies, the remaining partner might be allowed by the bank to withdraw the funds from the account of the deceased.

For partners who are living together, if one partner fails to make a will before they die, then their property will not automatically go to the remaining partner unless they had a joint ownership agreement. If you are an unmarried couple, this means that it is extra important to make wills.

If one partner dies without leaving enough in their will for the other to live on, the surviving partner may be able to go to court to claim from the estate.

If you inherit money or property from an unmarried partner, you are not exempt from paying inheritance tax, as married couples are.

If you are married, and your partner dies, you will inherit the money set out for you in their will.If either married partner dies without making a will, the other will inherit all or some of the estate.  

Ron Hogan - About Author:
Stephanie Jacobs is a retired legal advisor, and they recommend that you seek professional legal help from cohabitation law specialists Dewar Hogan should you have any disputes pertaining to cohabitation laws or cohabitees property rights

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/business-articles/financial-differences-between-cohabitation-and-marriage.htm

Related Business Articles Subscribe to RSS

Rpm Management- the best way to maximize income from property
Published by James Blee on May 15th 2012 | Business
If you are into the business of real estate or you own a real estate which is large in size then you...
 
Mohali property – the best place to make investments
Published by Ravinder on November 28th 2011 | Business
Mohali, in the recent days, has emerged as the hot favorite destination for property investment. The...
 
Profitable property ahead in Gurgaon
Published by Atul Sharma on June 18th 2012 | Business
The article is based upon the real estate properties in Gurgaon. You can draw lot of information on ...
 
How to choose an area when searching for property to rent in Edinburgh
Published by Ann Clark on April 19th 2012 | Business
This article is concerned with pointing out all the relevant factors that you must take into conside...
 
Are you interested in installing Solar Panels South Africa on your property?
Published by on March 14th 2012 | Business
We have a wealth of experience in providing solar panels South Africa – more than three decades ...
 
Garden Side Gates could help make your property more secure
Published by Angie Turner on June 18th 2012 | Business
Security is a key consideration for any homeowner who wants to make sure that their property is...
 
Considering Details of the Tenancy Agreement when Renting Edinburgh property
Published by LauraCampbell on February 29th 2012 | Business
When a landlord and a tenant reach an agreement with regards to a property, they put it in writing i...
 
Construction and Real Estate Litigation firms- a helping hand in property disputes
Published by Robert Doran on January 18th 2012 | Business
The article mentioned above discusses about the construction and real estate litigation firm. It als...
 
Add value to your property with a superb extension using the very best architectural service London at Just Extend Your House Ltd
Published by James Blee on July 27th 2012 | Business
We are all well aware that the economy in the UK is at an all time low, credit and disposable income...
 
Mistakes to avoid while choosing property management North Shore companies
Published by Jack on August 15th 2012 | Business
Choosing the best property management North Shore company is not an easy task. Learning more about t...
 
Handle all aspects of property with Dallas property management companies
Published by James Blee on June 9th 2012 | Business
Dallas property management companies are one of the reputed names in handling all aspects of propert...
 
Some legal advices for tenants of property to rent in Scotland
Published by Cathrine Mckay on June 6th 2012 | Business
There is always a tenancy agreement between a tenant and landlord. The tenant is always safeguarded ...
 
India Property – Tips on low cost techniques for maintaining your commercial property
Published by John Smith on March 7th 2012 | Business
As your India property ages, it will definitely cost you more to maintain the building particularly ...
 
How a landlord can manage his property in Edinburgh
Published by Carol Riley on March 19th 2012 | Business
Being a landlord you have to be very careful regarding the management of your property. You should b...
 
Contact Letting Agents Sutton for a one-stop property service
Published by James Blee on August 20th 2012 | Business
Looking for your first rental property and not sure what to expect from Letting Agents Sutton? Know...
 
Temple Realtors offer specialized services related to property transactions
Published by Rori Lyn on March 2nd 2012 | Business
If you are planning to sell the house then the very first thing you would like to know is how much y...
 
Why destin florida homes are best and great choice for buying property
Published by Dany on May 11th 2012 | Business
If person wants to buy any property in Destin Florida then person should read this informative and w...
 
Why to invest in property in Burnham
Published by Ricky Charles on December 15th 2011 | Business
Obtaining the property for sale in Burnham might be easy if you take the help of reliable real estat...
 
Investment property- the best of investment options
Published by Julia Roger on July 18th 2012 | Business
Experts feel when it comes to finding the best bmv deals, all that matters is the timing of selectin...
 
Real estate agents in Walsall lead you in investing property
Published by Redstones on January 21st 2012 | Business
Lettings franchise offered at Redstones letting agents, one of the leading estate agents in Walsall ...