Posted by Aston Avery
Brits at risk of financial ruin when buying a home with their partner
Break-ups are never easy but are often made worse when couples need to have the awkward conversation about who owns what. Furthermore, when it comes down to how much of the house each partner owns – not only does this lead to more difficult conversation, but it leaves the majority of Brits at risk.
New research shows that the majority of Brits (68%) who buy a property with their partner risk exposing themselves to losing tens of thousands of pounds, or even more, by not protecting their share of the purchase.
The survey, commissioned by Zoopla, also shows that most people are aware of what a huge commitment it is to buy a property with your partner. In fact, 85% of those who have done so claim it’s as big a commitment as marriage, and 62% even say it’s as big a commitment as having children. And, in typically British fashion, one in ten (10%) admitted tackling potential break-up conversations when buying a home was just too awkward to handle, saying it didn’t feel right however, couples should be prepared for this to happen.
To provide guidance for couples having to navigate those awkward situations and conversations, a new ‘Cohabiting Couples & Friends: The Awkward Questions You Need to Ask’ online guide has been developed to tackle these issues and provide detail around why it is awkward.
Aston spoke to psychologist Jo Hemmings and Dan Copley, property expert at Zoopla.
Photo by Colin Watts on Unsplash
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