The top 10 financial planning concerns for unmarried couples:
If you choose to be in a long-term relationship and not get married, you’ll face a wide array of challenges and complexities. Today, I’ll discuss the ten most important issues you should address together. Our society encourages marriage. Laws governing everything from living together to insurance to estate planning are written with married couples in mind. At last count, there were. Marriage itself is a legal contract, setting out default rules for how the relationships work.
Owning a property jointly means that you are jointly liable for any damage done. So make sure you both understand and specify the obligations of each partner. Domestic partner agreements spell out your financial obligations to each other during your lives. What happens if one of you dies? For married couples, it’s relatively straightforward. The surviving spouse inherits, even if there isn’t a will. But unmarried couples aren’t subject to the same estate planning default rules as married ones.
You should also review your beneficiary designations periodically to make sure you name exactly who you want to inherit a given asset, such as an IRA, 401 or proceeds of any insurance policy. Beneficiary designations take precedence over the terms of your will, so make sure they are correct and current. Good news. Unmarried couples often pay lower taxes than their married counterparts, depending on the disparity between partners’ incomes and the deductions you take.
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