Nowadays many people are choosing to live together before or instead of getting married.
Most people believe that after they have been living with someone for a number of years they acquire rights as a Common Law Spouse. There is no such thing, so there are lots of legal issues you should consider if you are living with someone or thinking about doing so.
For example, whether you have been living together for a few months or for years you should consider making a Will, or reviewing your existing Will. This is particularly important if either of you have children from a previous relationship. What happens to a house that you jointly own? It may automatically go to the survivor and children from a previous relationship may not benefit. Another common issue is where one party is still legally married to their previous partner. If they die, and there is no will, all their property would potentially pass to their previous spouse, possibly leaving their current partner homeless or in financial difficulty.
If you die without a Will the law does not make any provisioon for your partner which could mean they have to sue your parents or children to get anything you may own.
There is also the issue of Inheritance Tax for unmarried couples. If you leave everything to each other you lose one Inheritance Tax threshold meaning that if your combined net worth is in excess of ?325,000 then there will be Inheritance Tax to pay.
If you are living with someone or considering it, talk to us. We are known as a local firm of legal experts who are reliable, helpful and trusted for all your family?s needs.
For more information or one of our ?Living together packs?, pop in to our Street High Street office or Taunton office, call us on 01458 441507/ 01823 273010 or see us on www.acornsolicitors.com
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