NEXT AVENUE SPECIAL SECTION
Financial Tips for Never-Married Couples By Lucy Lazarony
The number of men and women between 65 and 74 who have chosen to live together without tying the knot has more than doubled in the last decade, Census data show. Older couples who decide to share a home must face problems that young people do not, such as merging established families. There is also the matter of money. Research at the University of Denver found that financial problems were the fifth most-often cited reason for divorce. A candid dialogue now about earning, saving, investing and spending may help you and your partner avoid a stormy battle down the road.
Consider these money tips from professional financial advisers:
"If you are never going to marry, you need to get your estate plan and documents in place,” says Jay Zigmont, a financial planner in Mount Juliet, Tennessee. "If you want your partner to be involved in your decision making, you will need to list them as your medical power of attorney, financial power of attorney and executor.” "If you don't have a piece of paper stating your wishes, government and health care organizations may look to your next of kin instead of your partner," Zigmont cautions. "Make sure your partner is listed as your beneficiary in your accounts and wills, otherwise they may get nothing.”
Plan Household Finances Talk over who will pay for what in your merged household. Cover every financial aspect of your home, from public utilities and streaming services to plumbers' bills and property taxes. "Things like homes, vehicles, rent or mortgage payments, utilities and the like can all have legal and tax consequences when it comes to who owns them and who is paying for them, especially when filing as a single taxpayer," says Ryan Johnson, a financial planner in Grand Rapids, Michigan.
Knowing what your partner will — and won't — pay for will reduce stress in the relationship.
Once you have all your papers in order, review them every three to five years.
Establish an Estate Plan You should give serious thought to having your partner listed on your medical and financial documents.
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OCTOBER 2024
NEXTAVENUE.ORG
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