If you're in a long-term relationship, chances are the two of you have shared financial goals and responsibilities just like married couples. You may even feel like you're practically married, yet you are not entitled to more than 1,100 federal rights, responsibilities and privileges that legally married couples receive.1
There are many ways that your domestic partnership status may affect you and your significant other's long-term financial security. Social security benefits, for example, won't transfer to your partner, no matter how long you're together. Without a will in place, your partner may not receive a home that you share because the courts or your family will decide how your assets are distributed.
Protect Yourself, Your Partner,
Your Family, Your Life Together.
You have options for achieving a secure financial future — your situation requires planning. There are five key steps:
- Determine your priorities — put your money where your heart is
- Get informed — learn about your benefit plans and any legal issues
- Seek expert guidance — get help from tax and legal professionals
- Bridge the gap with financial strategies
- Leave a paper trail — put your wishes in writing and create multiple layers of protection
A few basic financial moves to consider:
Life Insurance
Life insurance is the foundation of any solid financial strategy and it provides a death benefit to help address many survivor, estate and charitable needs. Life insurance can also be an innovative tool for addressing many needs such as the gap left by not having access to a partner's Social Security benefits.
Disability Income Insurance
Disability income insurance helps protect your most valuable asset, your ability to earn an income. Review your current employer benefits and supplement with an individual policy, if necessary. Learn more about protecting your assets in our article library.
Estate Planning
Estate planning is critical for domestic partners. Talk to an estate planning professional about creating a plan to address a number of special needs:
- A partner's right to make financial and health decisions on your behalf
- Unfavorable gift and estate taxes
- The increased likelihood that your estate will be contested
- A need to define property rights by contract
- Inheritance rights for your children
Visit our estate tools area to learn more about key estate planning documents.