Topics: Sex and Relationships, Wedding, Money, Martin Lewis
It's gotten to the point where, if financial guru Martin Lewis told you to do just about anything, you would.
I mean, this man has built an entire empire based on helping Brits to hold onto their hard earned pennies, so why wouldn't you?
But what if he told you that you had to get married?
While he's not going that far, Lewis has highlighted that co-habiting without getting married could actually be costing you and your partner financial security.
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In a previous advisory newsletter, the 52-year-old drew attention to the complications which can arise if partners who live together aren't wed.
Whilst some long-term lovers - who've been with our other-halves for years - might jump at the chance to say 'I do', other couples are simply happy with the slow-pace that their relationship is travelling at, and are more than happy just living together, without having to exchange vows.
While the idea of marriage may seem a bit old fashioned, Lewis explained it can be handy to at least enter a civil partnership or write a clear will or contract so your partner can have easier - and lawful - access to all your assets should you pass away.
Inheritance law not only comes with a whopping great big tax on anything the deceased owns, but also means a partner has no status unless they are in a civil partnership or married to their significant other.
This means if your partner did pass away, you may end up with nothing. For example, even if you'd both shared a flat for years, it's not rightfully yours and you have no status to claim it unless legally tied to them.
Lewis went on to stress just how necessary it is to deal with such 'unpleasant issues' and to be as 'blunt' and 'candid' as possible.
If you get the chat out of the way and come to some sort of solution - whether it be a will, marriage or civil partnership - it means your significant other (or child or whoever you want to leave your belongings, money or property to) will have legal access to your 'estate'.
On the slightly less morbid - but still depressing - note, Lewis also advised partners to draw up a 'cohabitation agreement' which can make financial matters easier if you and your partner go your separate ways while still both alive.
The Money Saving Expert stated: "If you live with your partner, but are neither married nor in a civil partnership, you may want to consider drawing up a 'cohabitation agreement' in addition to writing a will.
"While a will determines what happens to your assets and belongings once you die, a cohabitation agreement spells out what happens if your relationship breaks down – so a bit like a will for the living."
Such an agreement can also protect from financial abuse and is 'strongest if both partners have had independent legal advice and haven't signed under duress'.
Appointing a Power of Attorney is also important in case you end up being diagnosed with an illness such as dementia or you suffer from a stroke and subsequently don't have the mental capacity to make decisions yourself.
So you may as well grab the bull by the horns, get the conversation over with and get back to Gogglebox in no time.
