Managing your personal and business affairs does not just involve finances but understanding when to implement important matters that will affect your relationship. When planning your personal or business objectives, there will come a time when a contract, whether simple or complex, may be important.
Of course, we are not just talking about married couples but people living together or as some judgmental folks would say, “Living in Sin.” However, I am not here to pass judgment on those who choose not to marry while living together but to share some on how to maintain a fantastic and long-term relationship, whether you live together or not.
Author Mandy Len Catron, who penned the viral New York Times essay "To Fall in Love with Anyone, Do This,” believes contracts are the key to happy and healthy relationships. Mandy says making a contract for her relationship has kept it healthy. Catron told NPR she and her partner revisit the contract every six months so they are on the same page. The contract includes a date night quota, a clause about alone time, and a mission statement. If you would like to learn more about creating a relationship contract, visit her page.
A Premarital Agreement is a written contract between intended spouses, which provides for the division of property, income, and responsibilities to each other and their child or children should the marriage ends in divorce or by other means. Many couples believe you must be wealthy to have a prenup agreement but this is not true. Both spouses may come into a marriage with nothing but years later, their assets may be worth millions of dollars. In many states, those millions are marital assets even if one spouse gained the millions. Before you tie the knot, think long and hard about what will happen if one of you wins that million-dollar lottery. Seeking the advice of a lawyer is practical.
If you are not married and living together, setting up a joint account can be risky. Even though both signatures are required when opening a joint account, a partner can withdraw large sums of money and leave enough for his or her partner to buy a cup of coffee and a donut and then do a disappearing act. The only time both signatures are required is if both people are closing the account. Therefore, establishing a contract when it comes to the allocation of monies may be important, but setting up separate accounts is even better.
For one reason or another, men and women do lend money to each other, whether they are lovers, friends, acquaintances, or associates. However, what happens when a person decides to lend money to his or her lover? Too often, when an individual borrows money from a significant other, everything is hunky-dory. Love is blind, and each person is madly in love with the other. Promises are made to repay the loan. Both people are going about their daily lives, until one day the relationship has hit a sour note, and it is over. All of a sudden, the loan becomes a gift because the borrower was romantically involved with the lender during the time the debt was incurred.
If you are in a romantic relationship, do not be a borrower or a lender. If you do lend money to someone, and you truly want that money back, have that person sign a promissory note as the borrower along with your signature as the lender. This is a legally binding contract. Never rely on verbal promises, because during the heat of passion, an individual will make all sorts of assurances that the money will be paid back. Once the courtship is over, there is the likelihood that you will never see your money or your partner.
On the other hand, don’t give money enclosed in a greeting card that reads hope you love this $500.00 gift; buy something nice for yourself, and then months later when your mate leaves you, you decide to take him or her to court and complain that the cash you gave was a loan. Remember, many people do hold on to those greeting cards!💓