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Debt responsible for keeping Couples together | |||||
| The following is an adaptation of an article appearing in http://www.scotsman.com on 21st July, 2005. Who said romance is dead? Well it certainly is for a new breed of British couples who are staying in loveless relationships because joint mortgages and debt mean they cannot afford to move out, according to a new report. As many as one in 20 couples are staying together because they claim they cannot afford to break up. They have been dubbed the "Money Over Love Couples". High property prices and rising levels of personal debt are making it increasingly difficult for people to extricate themselves from relationships when things go wrong, according to the survey. Research, carried out for the Skipton Building Society, found that 9 per cent of people said they would be more likely to leave their partner if money was taken out of the equation, while more than one in ten said they knew someone who had continued to live with their ex as a result of financial pressures. Jennifer Holloway, of Skipton Building Society, said that although couples pooling financial resources could enhance their lifestyle, they could pay a high price if the relationship came to an end. "While we´re seeing a growing trend for choosing the high life over their love life, for those who decide to make the break it´s important they get their finances in order to make the most of what money they have. "Even better is for couples moving in together to consider completing a living-together agreement, such as the one recently launched by advicenow.org.uk which sets out their financial position before getting too far down the line." Mary Weber, a co-habitation expert from Advicenow, said 75,000 couples had signed up to their online guide to drawing up a contract that would help in the event of a relationship going wrong. She said: "When couples move in together they are often very much in love and can´t imagine things going wrong, but it is vital they know their rights when it comes to their housing. When things go wrong it is not always possible for one partner to buy out the other or agree to a joint sale. "In the worst-case scenarios, the courts have to get involved, which prolongs matters at a time when, if there is bitterness, a couple will just want to walk away as quickly as possible. "Women seem to suffer the worst in such situations, moving out first, leaving behind their possessions and receiving a fraction of what they own." Ms Weber added: "The agreement we offer is like a pre- nuptial arrangement but without the nuptials. It can go beyond property to include such possessions as a car. "It is a myth that there is any such thing as a common-law wife. No matter if you have been living with someone for two days or 20 years your rights are the same - non-existent." Simon Fairclough, of the Edinburgh Solicitors Property Centre, said: "When people are buying a property together, it is crucial to have an exit strategy. There are enough difficulties to contend with when you have the tragedy of a couple splitting up without working out the pragmatic details of how to divide up a property." For this and other news items please visit www.debtscotland.com. By registering on the site you will find a host of debt recovery and credit control tools in the ?free credit resources? section. Stephen Cowan Yuill & Kyle, debt recovery & credit control lawyers, Scotland 79 West Regent Street, Glasgow G2 2AR scowan@yuill-kyle.co.uk Direct Dial: 0141-572-4251 www.debtscotland.com www.ykcreditcheck.co.uk | |||||
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