Unless you directly caused damage, it should be on the partner who owns to handle any home upgrades or repairs. A renter wouldn’t have to pay for a new roof, to fix the water heater or to upgrade the dishwasher. That’s the landlord's responsibility. This holds true in living with your romantic partner.
Frankly, you shouldn’t contribute to furniture or home decor without it being written down who gets what in the case of a break-up. (It’s just like a prenup with a marriage, which shouldn’t be such a taboo document to discuss or get.) We all think we’re going to be level-headed, reasonable people, right up until emotions flair.
For couples who elect to not get married but plan to be in a long-term, committed relationship, it is critical to handle estate planning as well as paperwork to grant your partner similar rights to that of a spouse. Should the homeowner die and the partner not be named the inheritor of the property in a will, the courts could give the home to the deceased’s next of kin — likely a parent, child or sibling.
Understandably, few people want to have any of these conversations. It’s not fun or flirty to talk about what happens if you break up or about who pays how much, especially when you want to start the next stage of your relationship. But those who can navigate these awkward money talks will build a stronger foundation. At the very least, if the relationship doesn’t work out, you’ll be in a much better position to move on.
Erin Lowry is the author of “Broke Millennial,” “Broke Millennial Takes On Investing” and “Broke Millennial Talks Money: Stories, Scripts and Advice to Navigate Awkward Financial Conversations.”
This column was provided by Bloomberg News.