Mingling Your Assets
If it's important to discuss the mingling of your assets and finances when you're planning to get married, it's even more important if you're moving in together without the legal benefits of marriage. If either or both of you own assets that you'll be sharing, such as vehicles, furniture, art, collectibles, or anything else of value, it's critical. Even if you don't think it's necessary when you first move in together, if you find that you're accumulating joint property, consider clarifying who owns what in a legal document.
Making Joint Purchases
Some couples use a joint purchase agreement when they buy large items together, if they don't have a nonmarital contract that covers how these purchases will be handled. Joint purchase agreements spell out what will happen to an item purchased with joint funds if the relationship ends for any reason, without addressing the broader issues usually included in a non-marital agreement.
Never purchase a major asset jointly that doesn't have your name on the title or deed. The person whose name is on those papers is the person who legally owns the property, and you could end up losing whatever money you've put in to it.
If you don't have a written agreement about how assets purchased together will be dealt with if your relationship ends, you should document your contribution for these assets. When you buy an asset together, get a receipt as evidence that you contributed toward ownership of the asset. Better yet, pay your portion by check and make a notation on the check itself, such as “50 percent of the jointly owned bedroom furniture.”
