The Legal Rights of you and your partner
depend on whether you are living together or married. Living together with
someone is also sometimes known as cohabitation. Basically, you have fewer
rights when you are living together as compared to when you are married. The
following text has been gathered after consulting top Family Law Solicitors and it unfolds the difference between a
marriage and couples living together with respect to banking.
-
Living Together:-
o
If you are living together and
you and your partner have separate accounts then neither of you can access the
accounts and the money held in the other partners’ account. If one partner
dies, then the balance in the account will remain as part of the deceased
partner’s estate until the estate matters have been settled. You should seek
advice of family law solicitors in
this regard.
o
If you have a joint account
then you and your partner will have access to the account, regardless of who
put money into it. If the relationship ends then the money will still belong to
both of you. If either partner dies, then the other is entitles to the
remainder amount and will have unlimited access to the account.
-
Marriage:-
o
On the other hand if a married
couple have joint bank account then the money is owed jointly regardless of who
put it there. Upon the death of one partner, the bank account becomes the
property of the other which includes all related matters such as the balance,
over draft and debts etc.
o
If the bank account was
separate, then the bank may allow the surviving partner to withdraw money from
the deceased’s bank account provided the amount is small.
For more information, contact Family Law Solicitors at Walker Wise Solicitors by phone on 01254 300966 or email enquiries@walkerwise.co.uk.
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