Couples should ‘share financial responsibility’

Couples living together should look to share financial responsibilities to avoid debt management difficulties in the event of a break-up, an industry expert has suggested.

Citizens Advice spokesperson Rosalind Pearson claims that as money problems are often a contributing factor to relationships breaking down it is "important to get joint finances sorted out from the very start."

She told the Metro: "It may seem churlish and unromantic to discuss what rights you have and what would happen if you were to break up, but it’s much better to sort things out when you are happy than to get a nasty shock when things go wrong."

Ms Pearson added that although many of Britain four million cohabiters believe they have the same rights over money as married couples, she advised that is not actually the case.

As a result, she reminded consumers they are not responsible for debt their partner accrues on personal loans and other forms of borrowing unless it is a "joint and several liability" debt such as a mortgage.

Ms Pearson suggested couples should set out a written agreement to determine what financial rights each person would have if they split up.

Earlier this week, a study by Stroud & Swindon revealed that Britons lack "everyday" knowledge about areas of personal finances such as savings and personal loans.

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