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News Release from: Motley Fool | Subject: Banking
Edited by the Insidemoneytalk Editorial
Team on 02 August 2007
Time to put the myth of the common law
marriage to bed, says Fool.co.uk
Fool.co.uk welcomes the Law Commission's recommendations to extend legal and financial protection to unmarried couples.
The proposed measures will provide a clear set of compensation rules when couples who live together for at least two years, or who have children, decide to separate Currently, around 4 million people are co-habiting in unmarried partnerships compared to 22 million people who are married
This article was originally published on Insidemoneytalk on 29 Mar 2007 at 8.00am (UK)
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According to the Government Actuary's Department, the number of people living in unmarried partnerships may swell to more than 9 million by 2031 (1).
At that time only 20 million people are expected to be married.
David Kuo, Head of Personal Finance at Fool.co.uk, says: "The laws that govern people in unmarried relationships should take into account the changing demographics of British society".
""By 2031, the number of people living together in unmarried relationships could represent almost a third of all partnerships.
Clearly, they need a more robust legal framework than the present system that is both complicated and fuzzy.
"The proposals by the Law Commission are undoubtedly controversial, but a common-sense approach to the changing lifestyle of Brits is needed if the myth of common-law marriage is to be put to bed." Top tips for co-habiting couples If you move into your partner's house make sure you have a joint account for household bills Make sure you have a joint account for mortgage payments to prove your financial interest in the property Keep bank statements as evidence of your financial contribution to the home Keep receipts of things that you have bought jointly Maintain some financial independence in case things go wrong.
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