Re: “I suspect he has been supporting here. I don’t ask.”
I do not think there is anything wrong with this. But then I read something new about “dating prenup”. How unromantic!
In today’s brave new world of dating, mating, and personal finance, couples who are moving in together may well be considering a “dating prenup.” What is that, you ask? Well, I’ve never heard of the term either, until I started Googling. A prenuptial agreement is a legal document that spells out what happens to a couple’s assets and liabilities in the event of death or divorce. A dating prenup is like a prenup for unmarried couples who move in together (and thus have none of the protection or guidelines offered to married people), providing terms and guidelines for a host of issues surrounding a breakup.
There might be some cohabitation in the not-so-far off future, and while CB and I have casually discussed the financial mechanisms of such a move, we haven’t really drilled down to the nitty-gritty. Despite a penchant for all things personal finance, I don’t particularly want to make everything out to be so, well, contractual. In other words, we both agree that if we make different salaries, it’s fairer to divide the rent according to percentage of total income instead of 50-50. But we don’t (nor do we plan to – I hope) expect the one person to reimburse the other for a gallon of water that was not equally consumed.
When I typed in “moving in together finances” into Google, however, most of the websites that popped up mentioned the importance of a moving-in-together contract. There are many names for this phenomenon: dating prenup, cohabitation contract, written agreement, pre-prenups, live-in contract, etc. I think prenups are generally a good idea (especially for community property states), but I’m surprisingly lukewarm to the prospect of drafting and signing a live-in contract with CB.
According to Kiplinger, though, I’m letting my heart rule over my head. Kiplinger says that it’s essential to put your arrangement in writing:
This little piece of paper can help you keep your trial of domestic bliss from becoming a nightmare. In it, you should detail how much each partner will pay for rent, who will cover what household expenses, when bills are due, and other space-sharing arrangements.
The article even helpfully provides a sample cohabitation agreement. AOL Personals shares horror stories of couples who didn’t have a cohabitation agreement and ended up fighting over a pen. NY Post reports that more NYC couples are signing dating prenups. In addition to the more mundane financial aspects of living together, these pre-prenups can also set the terms of pet ownership / visitation after a breakup, expectations for graduate school support, even who pays for a termination of pregnancy, etc. A recent CBS News did a segment on this trend, featuring a real life couple who has a dating prenup.
As sensible as these dating prenups seem though, I just can’t muster much enthusiasm for them. Part of the reason is because CB and I don’t have combined finances (unless you count our joint savings account for Galapagos), and we have no plans to enter into major asset purchases before we are married. We are both fairly financially-responsible. We have been in a committed relationship for a long time.
Part of the reason is good old-fashioned optimist: I don’t think we will break up, though of course there are no guarantees. Or, if we do, I harbor the hope that in the event that we break up after we move in together, we will both behave with grace, dignity, and respect for each other. But I understand the prudence of a cohabitation agreement for couples who do have significant assets together, or if one partner would be giving up a job to move in with the other person.