Financial challenges for live-in couples: How to resolve the money issues and secure your finances

While societal acceptance of such relationships has increased, at least in metros and tier 1 cities, they continue to be beset with several legal and financial issues..

Though living together is not considered illegal or a criminal offence, there are no specific laws governing such relationships and the couples do not enjoy the same legal and financial rights as married couples..

Inheritance rights, joint tax benefits and health insurance coverage can be tricky, while long-term financial planning for goals like retirement and buying property can be complicated..

For long-term goals like buying a house, live-in partners can collect the funds individually and at the time of making the investment, they can pool their resources, says Prableen Bajpai, Founder of FinFix Research and Analytics...

Succession laws do not recognise live-in partners as legal heirs of the deceased and, hence, they do not have right to assets or properties of the deceased if he/she dies intestate..

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