Ep 35: New Relationships After Divorce: Cohabitation, Assets & Protecting Your Future

In Part 2 of my discussion with Muriel Walls, we continue the deep‑dive into the financial aftermath of divorce, this time focusing on new relationships, co‑habitation, tax, and succession.Key take‑aways:• Cohabitation – who is legally liable after two years together with a child, or after five years without a child• Cohabitation agreements – how a simple written contract can protect your assets, and allocate responsibility for mortgage, home improvements, or pension rights.• Remarriage & inheritance – how divorce automaticallyextinguishes spousal succession rights, why a fresh will is a must, and the minimum legal right share (one‑third) for a spouse who later remarries.• Tax implications – difference between joint assessment vs.single assessment after divorce, the single‑parent child‑care tax credit, and why gifts to a cohabitant are subject to gift‑tax while gifts to a spouse are tax‑free.• Prenuptial agreements for older couples – why they are now enforceable in Ireland when both parties obtain independent legal advice; practical examples (house, pension, children).• Life‑insurance & death‑in‑service benefits – updatingbeneficiaries after divorce, how courts may require policies to secure maintenance, and the impact on the estate.• Trusts & professional trustees – when it makes sense toengage a solicitor or accountant as a trustee and the cost‑benefit analysis beyond the “cost attached”.• Common regrets – not establishing a rainy‑day fund early,ignoring pension contributions, and failing to update wills & insurance policies. ResourcesMuriel Walls Solicitor – https://www.murielwalls.ieTimestamps / Chapter Markers0:00 – Recap of Part 1 & intro to Part 21:20 – Cohabitation code basics (2 yr + child, 5 yr no child)4:10 – Redress scheme & rights of cohabitants7:00 – Drafting a cohabitation agreement – why it matters10:45 – Remarriage, succession rights & the one‑third rule14:30 – Tax: joint vs. single assessment, child‑care tax credit18:15 – Gift tax on cohabitant vs. spouse21:40 – Prenuptial agreements for older couples; enforceability26:00 – Updating life‑insurance & death‑in‑service benefits29:55 – When to use a professional trustee (cost considerations) 33:40 – Common post‑divorce financial regrets36:20 – Q&A: “What should I have known before divorce?”39:00 – Closing remarks & teaser for next episode (Collaborative Practice)👍Like if you found the tax and co‑habitation advice useful.🔔Subscribe and turn on notifications for the next episode on collaborative practice.📤Share with anyone starting a new partnership after divorce – the right paperwork saves money and heart‑ache.#MasterMyBalance #cohabitation #prenuptialagreement #financialliteracy #financialwellbeing #divorce #collaborativepractice