UK Wedding News
28/11/2013
Some 1,500 people were involved in the research, which was commissioned by law firm Slater & Gordon, after the Family Law Team noticed an increase in the number of people asking about Cohabitation Agreements to protect their assets should a relationship break down.
Of those who took part in the poll, one in seven said buying a house with their partner was "romantic", while one in five admitted they would buy a home with a partner they had been with for a year or less.
However, 89% of couples said they had not discussed who would be entitled to what in the event of their relationship coming to an end. A further 36% said they were willing to show their commitment to their partner by buying a house together - leaving them financially vulnerable in the event of separation.
Elsewhere, the study found that more than two thirds of people had never heard of cohabitation agreements, and didn't know they could protect the money they had invested in a property, or how the equity of a property would be divided up if the relationship broke down.
Commenting on the findings, Amy Harris, a lawyer at Slater & Gordon, said: "Cohabitation agreements have been around for years but recently we have seen more couples coming to us and asking about how they work.
"Anecdotally we all know people who have lost huge amounts of money after a relationship went wrong because a property was involved and, as this research shows, many couples now view buying a house as a way of making a romantic commitment, not a serious financial commitment.
"It is more difficult than ever to get on the housing ladder and it makes sense that two salaries will put you in a better financial position with regards to what you can afford.
"But investing in a property together can leave you financially vulnerable if things do go wrong.
"Many of the couples that are coming to us have seen their friend's hard-earned savings wiped out after buying a house with the wrong person.
"A break up is hard enough without losing your home and the tens of thousands of pounds you have spent on it."
(JP/MH)
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Couples Buying A Home Together 'Show Commitment'
More than a third of couples feel buying a home together shows they are committed to each the, according to a new study.Some 1,500 people were involved in the research, which was commissioned by law firm Slater & Gordon, after the Family Law Team noticed an increase in the number of people asking about Cohabitation Agreements to protect their assets should a relationship break down.
Of those who took part in the poll, one in seven said buying a house with their partner was "romantic", while one in five admitted they would buy a home with a partner they had been with for a year or less.
However, 89% of couples said they had not discussed who would be entitled to what in the event of their relationship coming to an end. A further 36% said they were willing to show their commitment to their partner by buying a house together - leaving them financially vulnerable in the event of separation.
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Elsewhere, the study found that more than two thirds of people had never heard of cohabitation agreements, and didn't know they could protect the money they had invested in a property, or how the equity of a property would be divided up if the relationship broke down.
Commenting on the findings, Amy Harris, a lawyer at Slater & Gordon, said: "Cohabitation agreements have been around for years but recently we have seen more couples coming to us and asking about how they work.
"Anecdotally we all know people who have lost huge amounts of money after a relationship went wrong because a property was involved and, as this research shows, many couples now view buying a house as a way of making a romantic commitment, not a serious financial commitment.
"It is more difficult than ever to get on the housing ladder and it makes sense that two salaries will put you in a better financial position with regards to what you can afford.
"But investing in a property together can leave you financially vulnerable if things do go wrong.
"Many of the couples that are coming to us have seen their friend's hard-earned savings wiped out after buying a house with the wrong person.
"A break up is hard enough without losing your home and the tens of thousands of pounds you have spent on it."
(JP/MH)
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