Happy Valentine’s Day!
Considering moving in with that special someone? Congratulations! Discussing and agreeing on the details of your new love merger can make the process a lot easier.
- Where do you want to live?
- Will you rent or buy?
- Whose turn is it to do laundry (and other responsibilities)?
- Are you ready to take on each other’s debts and financial obligations?
Transparency and understanding is important in a relationship. Once you move in together, many things change. We recommend figuring out who is responsible for what.
- Who will take out the trash?
- Which one of you will do dishes?
- When will household repairs get done?
- Could some of these be shared?
Who pays for what costs? Will they be shared? If so, is it 50/50, or something else? The question will come up every month when the landlord comes to collect the rent.
Making a budget with your partner can help you both balance your finances. After all, once you’ve lived together for a year, Canada Revenue Agency combines your income, and after three years you’re considered Common Law in Canada. Please see our budgeting post for tips on how to make a budget.
“There is no such thing as fun for the whole family.” Jerry Seinfeld
In the event the relationship doesn’t work out, many potential legal issues can crop up. If couples document and specify roles and responsibilities prior to moving in together, it will be easier to navigate matters from a legal perspective if there is a problem in the future.
If you don’t want to turn your relationship into a legal contract, that’s okay. We just recommend discussing and agreeing on things to make life easier. If you want to write it down or formalize a contract, that’s great, but remember that it should be about love and friendship first.
Moving in together can be exciting and overwhelming. But there are many rewards to moving in together. Talk about things, make decisions with each other, and enjoy building your life together!
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KATA Accounting Solutions Professional Corporation is a Canadian owned and Ontario based full-service accounting and tax firm focused on outstanding customer service.