Financial Survival Tips For Domestic Partners And Unmarried Couples

Recent US Census Bureau records show that more and more couples are opting to live together without having to get married.

Alpharetta, GA (prHWY.com) February 6, 2012 - Alpharetta, GA (February 6, 2012) Recent US Census Bureau records show that more and more couples are opting to live together without having to get married. The Bureau has identified some leading reasons for this increasingly becoming popular trend. One reason is that some people who are widowed don't want the benefits they received from their deceased spouses to be lost. Other individuals have pension or social security benefits that might be reduced upon marriage. Others have simpler reasons, one of which is that they don't want any contract that will obligate them financially and legally.

If you are one of the many people who want to go into a domestic partnership with your partner, you need to hire a domestic partnership attorney who can assist you with the paperwork and other legal preparation that go with the arrangement.

While living together without the benefits of marriage has advantages, it has disadvantages too. For one, it is harder for unmarried couples to undertake health insurance coverage, medical and legal decisions and property ownership. Another thing is that not all US states acknowledge common law marriage, which is equivalent to being lawfully married after the partners have lived for seven years making purchases and sharing expenses in common. A domestic partnership attorney will orient you about the laws in your area concerning domestic cohabitation.

The following tips will help unmarried couples and domestic partners secure a better financial status:

Domestic partners must establish legal co-ownership of properties. There are three types of property co-ownership: trust, tenancy in common, and joint tenants with right of survivorship, or JTWROS. A JTWROS allows the two partners to have common ownership of a property. If one of the partners dies, the property automatically transfers to the living partner.

Tenancy in common is an agreement where a property's ownership is shared by both partners in unequal parts. The parts are transferred to partners name in a will. Tenancy in common is subjected to probate. The third type, trust, is when the two partners are assigned as co-owners of the property at issue. Upon the death of one partner, the property becomes owned by the trust, which will distribute it to the surviving partner.

Other types of financial security that domestic partners can enjoy include life insurance with each other's partners as beneficiaries, work-sponsored medical insurance, creating a will, and many others.

A domestic partnership attorney in Alpharetta will help you decide which of these financial security measures you can choose for you and your partner.

Contact: John Manicad
Website: http://divorcelitigators.blog.com

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Tag Words: domestic partnership

Categories: Business

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