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What money issues will unmarried couples face when splitting?

On Behalf of | Jun 26, 2017 | Family Law |

As in all family law matters, the precise issues that may arise depend upon the couple’s individual circumstances. Due to this, it is difficult to give an exact accounting of the financial matters that may occur during your Florida breakup. All couples are unique and all breakups are unique whether you are married or living together.

The best way to address your question without having more details is to tell you about some of the most common financial issues unmarried couples must face when breaking up.

Home leases and mortgages: When a shared home’s lease or mortgage is in one person’s name rather than shared by both parties, a breakup could leave the person who signed with financial problems. It is best to take a proactive approach before renting or buying a home. Make sure you will be able to continue paying this big expense on your own.

Property battles: Unmarried couples who split may face challenges dividing certain properties. This is especially so if you bought these items jointly. In a best-case scenario, you can divide the property amicably, but that is not always an option. Always save receipts and other kinds of documentation proving that you purchased certain items. With proof in hand, you will likely win back your property in court.

Loss of insurance: Unmarried couples of today enjoy many of the same benefits that married couples enjoy. Health insurance is one such benefit. However, in a breakup, your insurance will likely disappear. If this is a concern for you, considering reaching out to your ex’s insurance provider to see if you can extend your coverage for a short time until you come up with a policy of your own.

While it is difficult to provide you with options after the fact, you should know that consulting with a family law attorney could be the solution. Consider making an appointment as soon as possible if a breakup is on the horizon.

Source: CNBC, “Facing the financial issues when unmarried couples split,” Holly Smith, accessed June 26, 2017