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

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 ...
 
Do you require Building Surveyors to help with a property purchase?
Published by on June 16th 2012 | Business
Buying a new home or business premises is one of the biggest financial decisions people can make, an...
 
A Real property and unique property
Published by Rosy on August 16th 2012 | Business
The Montreal assets Blog is concerning this market conditions in Montreal and also the neighborhoods...
 
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 ...
 
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 ...
 
At what time you must approach for litigation attorney
Published by Adli Law on April 2nd 2012 | Business
Usually, law firms are being considered as the best sources to explore the best lawyers belonging to...
 
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...
 
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...
 
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...
 
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...
 
Incredible returns on investment in commercial property in Mohali
Published by Deepti on March 23rd 2012 | Business
Undoubtedly real estate Mohali has witnessed tremendous growth and development in the last few yea...
 
Five factors of Planning a Fencing Project for Your property
Published by Kusum Kalwar on January 25th 2012 | Business

If you are thinking about installing fencing around your home or garden there are few things to ...
 
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...
 
What practices a business litigation lawyer perform
Published by Adli Law on April 19th 2012 | Business
Each attorney holds the peculiar specialization in the field of law. Thus, consulting with the law f...
 
Letting property to student tenants in Edinburgh
Published by Carol Riley on March 12th 2012 | Business
There are number of student tenants in Edinburgh. If you want to rent out your property to students ...
 
Mini self storage Beale AFB: vital to safe property from climates & other difficulties
Published by Erleroadself on November 30th 2011 | Business
Since Mini self storage Beale AFB is essentially helpful for individuals who are planning of moving....
 
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 ...
 
Costa Rica Real Estate : Tips to help you find the perfect property for yourself
Published by Kristine on January 17th 2012 | Business
Over the past few years, there has been an overwhelming attraction to Costa Rica real estate. More a...
 
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...
 
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...