Moving in with partner and combining money

justme111

Whichever way it is (as I can see reasoning behind both stances ) it needs to be discussed and agreed in a couple and if no agreement reached they may well continue living apart , nothing wrong with that

sheramber

Remember you will have to advise HMRC when you receive rental income and may have to pay tax on the excess of income over allowable expenses, Only mortgage interest is allowable , not any capital repayment.

Mojisola

onomatopoeia99 wrote: »

I believe children are the responsibility of both birth / adoptive parents just as much after the end of a relationship as during it, no matter who they are living with, and that does not change if one or both finds new partners.

That's not how the DWP sees it. Once she moves in, her entitlement to benefits will be reduced because of the BF's income.

Working out whether she can manage on reduced benefits with no input from the BF needs to be done before they move in together.

lea2012

I moved in with my now husband 3 years ago. I have a child from a previous relationship.

When I lived alone I worked more or less full time, rented and received some tax credits. I got, and still get £25 a month off my daughters dad. (yes a month, not a week, despite him working full time!!)

My husband earns around £8k more than me a year, when we bought our house I lost all my tax credits as our combined income was too much.

We have our own bank accounts where our wages etc get paid into and then one joint current and savings account. We put a set amount into the joint current account each month which covers all our utilities direct debits that come out of that account, as well as food and household shopping costs. We also put a small equal amount into a savings account each month to cover household work that needs doing like a new roof!

From my own account I pay my car costs, mobile phone, pet insurance, child care, credit card and any other expenses. He does the same from his but it actually works out that even though he earns more I have a higher amount of disposable income as I have less outgoings. (cheaper car, lower credit card bill etc).

In terms of costs for my child, we split the household bills 50/50 despite her living in the house. Same goes for food costs. I pay for child care, her clothing, and any other expenses such as school trips etc. If ever we go on holiday I pay for flights / trains for me and her and we split the accomm cost 50/50. I would never expect him to pay for everything for her, that's not what he signed up for but he's never questioned splitting the household bills equally. Her biological dad however has openly said that he doesn't have to help me financially now as he believes her step dad should pay if we live together!! :eek:

I think you need to sit down and talk to him about it properly.

mark5

I think if you work a similar amount of hours with similar pay then this should be quite straight forward if however he earns a lot more than you, or you work part time hours it's how much he's prepared to subsidise you.

I don't think there is a right or wrong answer here it's what your both happy with.

How long have you been with your new partner for?

mark5

lea2012 wrote: »

I moved in with my now husband 3 years ago. I have a child from a previous relationship.

When I lived alone I worked more or less full time, rented and received some tax credits. I got, and still get £25 a month off my daughters dad. (yes a month, not a week, despite him working full time!!)

My husband earns around £8k more than me a year, when we bought our house I lost all my tax credits as our combined income was too much.

We have our own bank accounts where our wages etc get paid into and then one joint current and savings account. We put a set amount into the joint current account each month which covers all our utilities direct debits that come out of that account, as well as food and household shopping costs. We also put a small equal amount into a savings account each month to cover household work that needs doing like a new roof!

From my own account I pay my car costs, mobile phone, pet insurance, child care, credit card and any other expenses. He does the same from his but it actually works out that even though he earns more I have a higher amount of disposable income as I have less outgoings. (cheaper car, lower credit card bill etc).

In terms of costs for my child, we split the household bills 50/50 despite her living in the house. Same goes for food costs. I pay for child care, her clothing, and any other expenses such as school trips etc. If ever we go on holiday I pay for flights / trains for me and her and we split the accomm cost 50/50. I would never expect him to pay for everything for her, that's not what he signed up for but he's never questioned splitting the household bills equally. Her biological dad however has openly said that he doesn't have to help me financially now as he believes her step dad should pay if we live together!! :eek:

I think you need to sit down and talk to him about it properly.

You make it sound easy!

notanewuser

Husband and I have been married over 10 years and still don't have a hint account. I don't see any reason we would, to be honest.

pigpen

you should not pay 'rent' .. unless he is willing to afford you a portion of the ownership of the house should you separate.

Sharing bills 50/50 is fair enough.. you won't use much more utility wise for the children.. cooking a meal for one costs ta same as for four.. it will only be extras like showering/laundry where there will be any difference.

I'd say he covers his mortgage, you cover yours and everything else is split equally.. and have a plan for saving for christmas/holidays/emergencies.

£250 a month to spend on frivolities is enough for anyone surely? what are you plannng on doing every month that that much might not be enough?

Monkeychops16

missbiggles1 wrote: »

What would this rent cover? If it includes utilities and food then that's a very fair offer - if it's just rent then quite the opposite, in fact why would you even be paying rent at all?

When you say disposable income, is that after rent/utilities/insurance and food, so basically spending money for you and the children? Does it include the £40 from your ex and the CB or is that on top?

Have you a fall back plan or savings for paying your mortgage if you have a void or non paying tenant?

Apologies for all the questions but I think they're all relevant.

Yes the £250 is after all bills=basically spending money for the children and I. No it's not including the csa as it's not reliable.

I have a small savings pot for the house-but not much at all :-(

Monkeychops16

FBaby wrote: »

What you need to start with is decide whether you think you should be entitled to the same disposable income or not considering you are working part time only. If you agree it is you need to count all your joint outgoings and then divide was is left by two and work out from there what yoy would need to transfer to him I'd he is to pay the bills.
However he might think it wouldn't be fair that you should have the same disposable income if you are to continue to work part time. Could you consider increasing your hours?

I have considered increasing my hours-but one of my children is disabled and has high care needs. She has many doctors/ hospital appointments and I try to schedule these on my days off. I can however do overtime as and when needed so I could do this to increase my wages thanks.