| By
Alfred Martin
More Americans are taking “til death do
us part” seriously. According to the recently released Rutgers
University National Marriage Project the number of divorces is
declining. But the lower divorce rate is largely because couples
are postponing, choosing not to, or are legally unable to get
married. Like Oprah Winfrey and Stedman Graham, and Elton John
and David Furnish, these 11 million unmarried couples are in committed
relationships and sharing financial obligations, but aren’t
entitled to the 1,140 federal laws that apply to married couples.
“Although unmarried couples don’t receive federal
protection like married couples, documents can be developed to
mirror some of those protections, not just if you break up, but
in the event of the death or incapacitation of one of the partners”
says Debra Neiman, CFP® and co-author of Money Without Matrimony.
“From creating a durable power of attorney to making sure
jointly held property is correctly titled, it takes work for unmarried
couples to protect themselves financially, but it’s well
worth the effort.”
According to Current Population Reports the average
American will spend the majority of their life unmarried and those
people will likely partner, live together and enter financial
commitments with another person. Neiman, with co-author Sheryl
Garrett, CFP® caution these couples to do the necessary paperwork
and planning while the relationship is good.
“No matter how temporary or permanent the
relationship, it’s easier making financial decisions about
the future of your relationship while you’re still in love,”
says Garrett. “Because there are no laws to protect finances
for unmarried couples – barring states that recognize common
law marriages – planning today makes a possible break up
tomorrow easier, financially speaking.”
And planning is not just for romantically involved
couples.
“Whether romantically involved, or not,
the issues are the same,” says Neiman. “Everything
needs to be in writing including who pays what bills, how rent
will be paid and who gets what if the two of you part ways.”
Al Martin is a freelance writer covering real estate, personal
finance and investing topics | 
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