MyMoney Online, The Personal Finance series with Warren Ingram

Unmarried, but living together? Here’s how to arrange your finances…

Many people move in together before they get married and start combining their income and expenses.

Some couples will even buy a home, pets or other items together.

This could all end badly if there is a break up in the relationship.

The Money Show’s Bruce Whitfield interviewed Galileo Capital Personal Financial Advisor Warren Ingram for his weekly personal finance feature.

Ingram discussed a number of things couples in this position can do, such as:

  • Co-habitation agreement

  • Estate duty/Donations tax planning

  • Life assurance

  • Separate investment/bank accounts

For more detail listen to the interview in the audio below (and/or scroll down for quotes from it).

A lot of people say you have to test drive the car before you buy it.

Warren Ingram, Galileo Capital Financial Advisor

If you’re not married; you’re liable for donations tax if you leave it to the other party.

Warren Ingram, Galileo Capital Financial Advisor

I always counsel against sharing a bank account.

Warren Ingram, Galileo Capital Financial Advisor

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Article brought to us by Old Mutual.

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