Financial resources in Maryland:
Living together as an unmarried couple is no longer exclusive to younger couples in Maryland. The incentives for older, unmarried couples to cohabitate are similar to those for younger ones, but older couples should heed a few financial pointers before deciding to move in together.
Maryland couples of all ages shoud iron out the financial details ahead of time. Young couples who move in together often do so as a precursor to getting married. Such couples do not typically have much in the way of financial assets and, as a result, do not need to come to any formal agreement regarding their finances. Older couples, however, might be bringing a more substantial financial portfolio into the relationship, and these finances can complicate matters. Before moving in together, older couples should document their finances and how household expenses, including a mortgage if one exists, will be paid. Decisions regarding who will receive the tax breaks you might be eligible for when paying a mortgage should also be considered. Documenting your financial situation can protect your assets should you break up. If these arrangements are not documented, unmarried couples who break up could find themselves in a contentious financial battle not unlike couples going through a divorce.
Helpful financial resources in Maryland:
Rickwood Mortgage Company
Description: Darren Rickwood, Loan Originator, First Home Mortgage
24402 Three Notch Rd., Suite 102
Hollywood, MD 20636
NMLS ID: 170353