All articles tagged with #unmarried couples
Unmarried couples lack automatic legal protections at death, making estate planning crucial for ensuring their partner inherits assets, as laws typically favor blood relatives. Key steps include establishing durable powers of attorney, updating beneficiary designations, and creating wills or trusts to secure the partner's financial and medical decision-making rights.
The article discusses the complexities faced by older unmarried couples when it comes to caregiving responsibilities. Unlike married couples, these individuals often encounter legal and financial challenges due to the lack of formal recognition of their relationship, which can complicate decision-making and access to resources.
The number of unmarried couples buying homes together has increased significantly, with 18% of all first-time homebuyers being unmarried couples, up from 4% in 1985. Financial reasons, such as housing affordability, often drive these decisions. However, unmarried couples should carefully consider the financial and legal implications before purchasing a property together. They may face challenges in terms of legal protections and financial responsibilities if one person decides to leave. To protect their investments, unmarried couples should consider titling the property appropriately, using legal entities like LLCs, and outlining their financial contributions in a property agreement. Additionally, unmarried couples should weigh the pros and cons of tapping into retirement accounts for a down payment and review their credit reports to secure the best mortgage rate possible.