Money Talk: I'm buying a house with my boyfriend - do I need some form of prenup?

Buying a house with your partner is a huge commitment - but what happens if you split up?

For couples that are getting married and have a lot of financial assets, you’ve probably heard of a prenup.

Short for pre-nuptial agreement, this is an arrangement drawn up before you get married that sets out how your assets will be divided if you get divorced.

The idea is that it helps stop any nasty arguments breaking out over who gets what in the event of a split.

But what happens if you’re buying a house and you’re not getting married? Is there another type of “prenup” style agreement you could consider?

We speak to the experts to outline your options.

There is an alternative to a prenup if you're not married (stock image) (Getty Images)

‘You could get a cohabitation agreement’

There is an arrangement called a cohabitation agreement which is very similar to a prenup but for unmarried couples.

Sarah Coles, senior personal finance analyst, explains how a cohabitation agreement outlines what each of you started with, and how it’s divided if you go your separate ways.

This includes things like properties, pets and other belongings.

“These aren’t legally binding, but if you split up and can’t come to an arrangement between you, the agreement will influence any court making a decision on how to divide your assets,” she said.

“The cost of a cohabitation agreement starts at about £300, but will rise depending on how complicated your finances are.

“Most lawyers will offer a free estimate of the cost, so don’t be afraid to shop around.”

If you’re not married, and you’re buying a house together, then the names on the mortgage documents are also really important.

If you’re both putting in exactly half of the deposit and are buying together, you can buy as joint tenants which means that you’ll be treated as owning half each.

But if one of you is putting in more than the other, you could buy as tenants in common.

“This involves slightly more paperwork than buying as joint tenants, but offers extra protection,” explains Sarah.

“It’s a good idea to draw up a deed of trust, which lays out the share each of you holds, and what would happen if the property was sold.”

And of course, if you take out a mortgage together and it is in both of your names, you’ll both still be responsible for the repayments even if you split up.