This post is a continuation from last week. If you want to read to read the original post, click here:
When a creditor is collecting a debt, the person most likely to be tapped for the money is the one with the best job. Sometimes, the creditor will find both of you, and garnish both incomes.
However, the creditor is under no obligation to help you get a share from the other party. If you and your partner have a written agreement that covers this situation, it will be easier to prove what you are due through the court.
Finally, you should make a list of the items you bring in with you, and encourage the other person to do the same. When something breaks, is stolen or given away, make a note of that fact on your lists. If one of you buys something for yourself, make a note of that, too. If you put a charge on your card for the other person, write down what the purchase was for, and whether or not it was a gift or loan. If it is a loan, have them initial and date your note.
In the glow of a new friendship or love, it may seem rude or mistrustful to establish rights and obligations that would only arise in case of a split. The practical matters of ending a relationship may seem so distant now that planning for them would be a waste of time. Hopefully, that’s all planning ahead will turn out to be. However, if things don’t work out the way you had hoped, you will be much better off if you know you can end the relationship in an organized manner because you and your partner took a little time to plan for contingencies.