Couples ‘are hiding secret debts from each other’

Couples are hiding their money probleems from each otherThousands of British couples are financially ‘cheating’ on their partners by operating secret bank accounts and by hiding debts, according to new research.

The Co-operative Bank found that married and cohabiting couples have a total of £41billion debt that their partners know nothing about.

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Cohabiting couples should sign living together agreements

The President of the Family division of the High Court believes that cohabiting couples do not have enough legal protection if their relationship breaks down.

Sir Nicholas Wall is one of the leading judges in the UK. He said it is usually women who lose out because there are no laws in the current system to specify how a separating couple should divide their assets.

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Why cohabiting couples need to make a will

When someone dies without making a will, there is no way of knowing who they wanted to inherit their estate.

In these cases, the assets will be divided according to well established legal procedures.

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Cohabiting couples urged to get ‘marriage-like’ protection

Many cohabiting couples believe they have the same kind of legal protection as that enjoyed by people who are married.

Cohabiting couple

Cohabiting couple

This is not the case, as many cohabitants find to their cost after their relationship with their live-in partner breaks down.

Now cohabiting couples are being urged to take action to protect their interests in the event of a break-up.

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