February 23, 2024

Partner or bonus family? Consider this!

Love often rules how we live our lives, but choices also affect our finances. We find out what applies to cohabitants and bonus family. As a new partner or bonus family, it can feel far-fetched to plan for what happens in the event of a separation or death. Even so, you should do it. By keeping track of the most important things, you are prepared, regardless of what happens in life. You must visit high roller casino sites here and to make some extra money.

That’s what the cohabitation law says

If you live with your partner, it’s good to be aware of the cohabitation law. It applies to everyone who lives in a relationship as a couple and shares a household. The law applies automatically from the day you move in together and refers to the home and movable property that you buy for joint use. Items that you have bought before or buy for yourself while you are cohabiting are therefore not included.

According to the cohabitation Act, the home and chattels are divided equally if you move apart or if one of you dies. This also applies if one partner has paid for a larger part of the home or bought more things in the household. Partnerships can be terminated through a cohabitation agreement. If you do not have children of your own or joint children, you decide yourself how the assets should be distributed in the event of a possible separation or death.

Make a financial plan

It can be good to decide from the beginning what your joint finances will look like. Maybe you want the same amount left in the account after the fixed costs are paid or pay the same percentage of your income? No matter how you put it, good planning can reduce the risk of financial difficulties down the road. Here you can find best real money online casino Australia which offers attractive bonuses to their players.

Another good piece of advice is to share both major purchases and running household expenses equally. In this way, the distribution will be fairer if you were to separate, since the larger purchases go to the person who bought them. It may also be a good idea to open a joint savings account for things such as unplanned expenses, travel or renovations. Read more about Collector’s savings accounts here.

Important for the bonus family

If you and your partner have children, there are a few more things to consider. If one parent dies, it is the children who inherit, as cohabitants have no inheritance rights. This applies to both own and shared children. Therefore, think about reviewing the will and survivor’s protection to make sure that you agree on what life should look like in the long term as well. You can also seek the help of a family lawyer if you find it difficult to sort out the concepts yourself.