The first step is to sit down with your partner and try to sketch out a basic plan. Talk about all your debts and assets and put together a complete financial picture. You both have to be honest about your finances; Don`t try to hide something, or it could very well come back to cause trouble later. Now is the time to look at what a couple`s financial agreement provides. It is not the same as a cohabitation agreement in Ontario that deals with the distribution of wealth in the event of a break-up. While a financial agreement covers some of the same basics, it also defines how you treat your finances while living together. This document answers questions such as: it`s fair, but listen to us. A well-crafted financial agreement can save you from a world of anger and grief on the street. It does not commit you to everything you are not prepared to do, but it is a useful complement to your cohabitation agreement by presenting guidelines for managing your finances while you are together. The idea of a couple financial agreement, if you`re not married, may seem a bit ridiculous. Perhaps one of the reasons why you did not get married, because you are not ready for a formal financial agreement between the two of you. If you are considering moving in with your other important, call The Galbraith Family. We can help you establish a couple`s financial agreement and a cohabitation agreement so you can find solutions to problems before they happen.

It may seem pointless, but it`s never a bad idea to find common ground when you`re on good terms instead of trying to solve financial problems during a painful dispute or separation. Our lawyers have a lot of experience in supporting couples and are happy to advise you. Keep in mind that your finances will change over time, so it`s a good idea to review your agreement every five to seven years to make sure it`s not out of date. Your lawyer can help you update your financial documents. And beyond that, a financial agreement will provide the answers to all the difficult questions that may arise in the event of the end of your relationship. It is much easier to make these decisions now, when you are still on the same side as during a painful separation. It is also a good idea to manage the financial autonomy of each partner. A common organization for cohabiting couples (and even married couples) is for each partner to keep their own bank account in addition to the common account (if you decide to make an account). Many people appreciate having their own money, which they do not have to explain or accountable. That doesn`t mean you have something to hide; many people simply prefer certain ways that they don`t need to share with someone.