Love and marriage dont always go hand in hand these days.
About 18 million people in the U.S. are cohabiting with someone theyre not married to.
And it isnt just young couples shacking up to test the waters before marriage.
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About 1 in 4 of the 18 million cohabiters in the U.S. are50 or older.
You dont need a marriage certificate to prove your love for your partner.
That means certain rights and obligations are defined by law.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
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That also means theres an established process for ending that contract.
When a married couple parts ways, their assets are usually divided by a court.
But when you part ways with your long-term partner, things can get messy.
Now, guess what?
Then, you better spell all that out in a contract.
Who is responsible for debts accumulated during the relationship?
If youre considering a joint home purchase, double-check your ownership is structured appropriately for both of you.
Beneficiary designations supersede wills.
It doesnt matter if the designated beneficiary is an ex-spouse or a now-estranged family member.
Make a habit of reviewing your beneficiary designations at least once a year.
Dont stop at life insurance policies and retirement accounts.
Take a look at any bank and brokerage accounts, as well.
Long-term partners need the following documents, according to DSouza:
3.
Invest in Your Shared Future
Weve talked a lot about how to prepare for breakups, sickness and death.
But you should also have a plan for what we hope are many healthy and happy years ahead.
Consider combining your long-term financial planning, Frankel said.
Robin Hartill is a certified financial planner and a senior editor at The Penny Hoarder.
She writes the Dear Penny personal finance advice column.
Send your tricky money questions to[email protected].
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