Love after 60 (part 4): Dos and don’ts of moving in together

You’ve found the person you would like to share your golden years with…and now you are planning on living together. To help you make logical decisions that will protect you and your family financially, take these three tips into consideration before you make the move:

Be practical 

Be sensitive about deciding on your home as a couple. If one of you is particularly attached to staying in the current home, due to sentimental reasons or simply because the location is practical, talk about the pros and cons and make the decision together. Alternatively, look at getting a new place together, but be clear from the beginning on how the finances will be split and try to keep your financials separate from the get-go. This might sound unromantic, but keeping a list of who spent how much on house renovations or repairs as well as the individual possessions will prevent any potential conflict later on. Setting up a cohabitation agreement is a wise option too, to make sure everyone is on the same page. 

Have a backup plan 

If you are moving into your partner’s home, there is no need to sell your place. In fact, it is probably financially wiser to rent out your place as an extra source of income. There is also no need to sell the furniture and bits and bobs you will have duplicates of when you merge the two households. Rather rent out your place furnished, so that you have a backup plan should things not work out in the long run. 

Keep your family in the loop

Prevent family feuds over inheritance issues by keeping your family informed about your new love and your planned next steps as a couple. Generally, your relatives will be relieved that you won’t be going into old age on your own and have a companion to share your day-to-day with. While it is your life, you should remain fair about your choices and consider your children’s or grandchildren’s feelings when making decisions regarding your will.