24 Hour Loans glossary of financial terms

Common Law Partner

If you have a common law partner then you will be living together with a partner but you will not be married. In financial terms common law partners will not always have the same rights as couples that are married so this can affect their financial situation in various ways.

In some cases, you won?t notice much of a difference if you are in a common-law partnership or if you are in a marriage. So, for example, if you have a joint bank account then ? in both cases ? both of the named account holders will have the same rights and responsibilities for the account whether they are married or not. However, if you are living together with your partner and he/she dies then you may have no rights to their pension ? no matter how long you?ve been living together. If you have children together then there is no guarantee that the father will be given parental responsibility rights which could cause problems if the mother dies, for example.