Heartbreak is inevitable, difficult and often inconvenient — but there can be light at the end of the tunnel.
Love is looking and feeling real good. So good, in fact, that you both are also in love with the idea of letting him move in with you. Like the smart clutchette that you are, you’ve weighed the pros and cons, and conclude the pros are many. But before you mark a move-in date on your calendar or put 3 Big Dudes and a Truck on reserve, consider 3 ways to protect what’s yours whether love is up or down.
If you’re coupled-up and considering making your space his space too, you should contract with a cohabitation agreement. A cohabitation agreement is a flexible and legal arrangement between unmarried couples that document agreed upon rights and responsibilities of each party while living together. Cohabitation agreements also spell out who’s responsible for what in the event of a breakup. Some think of cohabitation agreements as the prenup for unmarried couples. While no one wants to think of a breakup when it’s all good at this advanced stage their relationship, breakups do surpass divorce rates, so it’s a good idea to prepare. Ya know, just in case! The good news is in the event of a breakup, a cohabitation agreement goes to work for you by keeping him from laying claim on what’s always been yours, like savings, properties, businesses, etc. that you might have established before he lived with you. You’ll also be protected from having to shell out a dime for debts he incurred before the move-in. There’s nothing like the power of words on paper backed by a signature to protect you! A cohabitation agreement will also uphold mutual agreements you and Boo Thang made together so that his interests, as well as yours, are protected. And since cohabitation agreements are flexible, you can edit them in case new expenses arise, assets are merged or major purchases are made together, like a house or condo. Another plus, cohabitation agreements can be as detailed as you need them to be in order to fit your exact situation.
Whether you’re living with someone or not, if you rent, you should invest in renters insurance. Your landlord’s insurance will not protect your belongings whereas renters insurance will by covering your possessions when lost due to fire, disaster or theft. There may come a time when you’re not feeling a situation anymore and things might not end well or mutually. Because sometimes drama can follow anger and bitterness, Boyfriend may have a lapse in memory when picking up his things, and take a few of your things, too, as he leaves the key on table. Yes, guys love what’s fab also! And, because he’s feelin’ some way, he could also take out what’s left in your place, making them no more. If you love your lucite desk with the matching chair, and the Buddha bust statue from your overseas travel–get them covered! Not only does rental insurance make it possible to replace most or all the things that are valuable to you, it’s usually very low-cost.
When things are on the up, and living together leads to you both wanting to take your relationship to the next level, consider marriage insurance as part of your wedding plans. Wedding insurance protects your big day investments from situations beyond your control, from a damaged Vera Wang to a caterer canceling on you. Your wedding ring and even a person of importance such as a maid of honor unable to get to the wedding on time due to bad weather or a flight delay, for example, can be covered. It’s another low-cost insurance worth having when you think about how expensive a wedding, and all that it entails, can be. No matter the size or cost of your wedding, your investment is valuable, and it can pay, literally, to think about this much less talked about protection for your finances.
When in love and living together, how do you protect your finances?
Reprinted with permission from Clutch