Difference Between Cohabiting and married
What marital status can greatly affect your finances.
In recent decades, an increasing number of people have chosen to be cohabiting rather than marrying. The rights for cohabiting has been improved, and many people associate marriage with an expensive affair that leads to divorces. There are large differences between cohabiting and married.
A marriage is comprised of many more formalities, laws and rules which do not exist in “Cohabitation”.
Duty to provide
There are three particular important differences between those who merely cohabit and those who live in a marriage.
1.Spouses, among other things, are a shared responsibility whose expenses are to be met and daily household works are to be performed. This means that in marriages where one partner contributes money, as in the form of wages, while the other party is a housewife and helps with work, both help equally. The law assumes that every married couple themselves are able to find a distribution of the responsibility to provide necessary income and perform the work. And the law is crystal clear that those who contribute income, do not get greater rights to the economic values than those who contribute in making home.
2. In addition to supporting the duty, the spouses also provide information. The means they are obliged to provide each other information necessary to assess the financial position. Cohabitants, however, have no disclosure, and may do not require information about the partner.
Each person in a marriage may require a copy of someone else’s tax return from Tax Office. A spouse may also request information about the balance in bank account, the status of the fund company and information about the beneficiary on insurance policies
3. If you have not agreed on separate property after marriage, then those who are married can also be the joint owner of the assets. More detail means that a wife may obtain ownership rights to the property from the day of marriage.
In broad outline, before cohabiting one must arrange for formal regulation of the relationship by entering into a cohabitation agreement and set up a will. However, there are more and more rules in which relations between the cohabitants are regulated. Also there are rules which give cohabitants’ children some right to inheritance