Avoiding the potential cost of a separation in California

Avoiding the potential cost of a separation in California

Cohabitation is common in Orange County, California. Many couples move in with their significant other and enjoy its benefits. Given the fact that the cost of living is higher in California than any other state, living together is a cost-effective way to lower everyday expenses and monthly bills. As more and more people take advantage of the benefits of cohabitation, more couples are bound to face property division challenges in the event of separation.

When the relationship ends, moving out may cost a lot as well. Expenses that may arise from moving include transporting furniture and old items from the shared home, relocation costs and other living expenses. For one writer who shared her breakup story, moving out cost her more than $2,000. Fortunately, Californians can prevent such a situation from happening, easily avoiding this financial and emotional stress, together with other family law concerns.

Cohabitating couples should never share credit cards, loans and other joint financial transactions, according to experts, because it may negatively impact the other partner’s credit score, particularly if one fails to make payments on time. It would also advisable to not share the cost of more expensive household items such as a large television or home renovations. When a break up happens, the partner who owns the home will reap the benefits of shared expenses.

Californians should discuss the effects of a potential split ahead of time. An open discussion regarding a split is definitely unromantic. However, it may determine how property division would takes place, particularly who gets what or what each party would be responsible to pay for when a break up happens. Additionally, having an agreement in place that can deal with the division and other things may be handy as well.

Source: U.S. News, “5 Ways to Minimize the Cost of a Breakup,” Kimberly Palmer, July 31, 2014

2022-04-04T17:07:43+00:0013 Aug 2014|
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