Moving In Together Finances UK — Money Checklist for Couples

Moving in together is exciting but needs financial planning. Here’s your complete guide.

Before You Move In

The Money Conversation

Topic	Discuss
Income	What you each earn
Debts	Any loans, credit cards, student loans
Credit scores	Both check yours
Spending habits	Saver vs spender
Financial goals	Short and long-term
Attitudes to money	How you were raised

Why It Matters

Issue	Consequence
Hidden debts	Strain relationship
Different values	Arguments
No plan	Resentment
Open discussion	Prevents problems

Splitting Costs

Common Approaches

Method	How It Works
50/50 split	Everything divided equally
Proportional	Split by income ratio
One pays, one saves	E.g., rent vs bills
Pooled income	Everything shared

Proportional Split Example

Person	Income	% of Total	Monthly Bills £2,000
Partner A	£40,000	57%	£1,140
Partner B	£30,000	43%	£860
Total	£70,000	100%	£2,000

What to Include

Category	Items
Housing	Rent/mortgage
Bills	Energy, water, council tax
Insurance	Contents, buildings
Broadband/TV	Subscriptions
Groceries	Food shopping
Personal	Usually kept separate

Bank Account Options

Approaches

Approach	How It Works
Fully joint	All income paid in, all spending from joint
Joint for bills	Both keep personal, contribute to joint for bills
Completely separate	Transfer shares of bills
Yours, mine, ours	Three accounts

Opening a Joint Account

What to Know	Details
Both named	Full access each
Either can spend	Trust required
Credit linked	Both credit files affected
Closing	Both must agree

Best Banks for Joint Accounts

Feature	Options
Traditional	Most high street banks
Digital	Monzo, Starling joint accounts
App features	Pot/space for bills
Switching	Move for bonuses

Renting Together

Joint Tenancy

Feature	Implication
Both on lease	Both fully liable
One leaves	Other must pay full rent
Landlord can chase	Either of you
Deposits	Usually joint

Protecting Yourself

Action	Why
Both on tenancy	Otherwise no rights
Record contributions	Proof of payment
Deposit split	Agree and note shares
Exit strategy	Discuss break clause use

If You Split Up (Renting)

Situation	Options
Both want to leave	Give notice together
One stays	New tenancy or remove name
Fixed term	Both liable until end
Contact landlord	Early about changes

Buying Together (Unmarried)

Joint Ownership Types

Type	How It Works
Joint tenants	Equal shares, survivor inherits
Tenants in common	Can be unequal, goes to estate
Common for unmarried	Tenants in common

Declaration of Trust

What It Is	Protection
Legal document	States ownership shares
Records	Who paid what deposit
Specifies	What happens if you split
Essential	For unequal contributions

Example Situation

Contributions	Without Trust	With Trust
You: £50,000 deposit	50% each (as joint tenants)	70% you, 30% them (specified)
Partner: £10,000 deposit	You lose £20,000	Protected

Getting a Joint Mortgage

Consideration	Detail
Both responsible	For 100% of debt
Both creditworthy	Need good scores
Affordability	Based on joint income
If one defaults	Other must pay all

Cohabitation Agreements

What They Cover

Area	Specifies
Asset ownership	Who owns what
Property shares	Split if you separate
Debts	Who pays what
Bills	Contribution agreement
Pets	Who keeps them

Getting One

Method	Cost
Solicitor drafted	£500-1,500
Online template	Cheaper but less tailored
Each needs advice	Independent solicitor
Regular review	As circumstances change

Why Important

Legal Reality	UK Law
No common law marriage	Doesn’t exist
Unmarried rights	Very limited
Long-term cohabiting	Still no automatic rights
Protection needed	Agreement provides it

Bills and Admin

Whose Name?

Bill Type	Consider
Council Tax	Joint liability anyway
Energy	Either or joint
Water	Occupier liable
Broadband	Best deal seeker
TV Licence	Address-based

Practical Tip

Approach	Benefit
Split main accountholders	Not all in one name
Build credit	Both get credit history
If you split	Easier to divide

Credit Implications

Financial Association

What Happens	When
Joint account	Creates financial link
Joint credit	Links credit files
Their debt	Can affect your applications
Their poor credit	May impact you

Protecting Your Credit

Action	Why
Check their credit first	Before joint products
Consider separate credit	Cards, loans
Monitor your file	For issues
If you split	Disassociate through credit agencies

Emergency Fund

Joint vs Separate

Approach	Pros
Joint emergency fund	Both contribute, both benefit
Separate funds	Independence
Combination	Joint for shared, personal for individual

How Much

Guideline	Amount
3-6 months expenses	Standard advice
Shared monthly costs	~£2,000 × 3-6
Target	£6,000-12,000 joint

Children Together

Additional Considerations

If Having Children	Think About
Parental responsibility	Unmarried fathers must register
Wills	Who children go to
Life insurance	Cover each other
Increased costs	Childcare, etc.

Summary

Checklist Before Moving In

Action	Done?
Have money conversation	☐
Check credit scores	☐
Agree on split approach	☐
Open joint account (if wanted)	☐
Set joint budget	☐

Checklist If Buying

Action	Done?
Agree ownership shares	☐
Get declaration of trust	☐
Choose tenants in common	☐
Update wills	☐
Life insurance for mortgage	☐

Key Points

Area	Recommendation
Communication	Open and honest
Documentation	Protect unequal contributions
Credit	Understand link implications
Legal rights	Limited for cohabitees
Agreement	Consider cohabitation agreement