Love is blind, deaf, and even stupid
Couples happily discuss where to live and how to decorate, but financial experts say many avoid the money conversations that matter most.
Many individuals move in with a partner without discussing future financial implications, according to financial advisers. Sharon Hamman, a senior legal adviser at Momentum, notes that couples often underestimate the emotional and financial risks of cohabitation. They downplay the importance of discussing how to handle relationship breakdowns and financial incompatibility, which can be a major cause of relationship failure.
Nicola Langridge, a wealth manager at Private Client Holdings, warns that couples frequently conflate emotional commitment with financial protection. Moonsamy, director of National Debt Counsellors, explains that financial contributions made under the assumption of ownership can be challenging and costly to prove. Common mistakes include contributing to property or debt solely in a partner's name, neglecting to document arrangements, and becoming financially dependent without considering long-term consequences.
To mitigate risks, experts recommend discussing income, debt, expenses, property ownership, and financial responsibilities before moving in together. They advise maintaining independent savings, updating wills, and drawing up a cohabitation agreement to clarify ownership, contributions, and asset division in case of a breakup.
Written by urgent.news from IOL's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
