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Financial Plans for Unmarried Couples

Posted by: Lisa Nichols | Apr 09,2008

Unmarried couples have other options besides a marriage contract to merge their combined assets and to develop a financial plan. More and more often, couples who cohabitate are drawing up agreements similar to pre-nups that clearly details who owns what and the financial responsibilities for each person in the relationship. In addition to drafting a financial agreement, unmarried couples also have a number of other personal financial planning options.

 

Personal Finance Tips for Unmarried Couples

There are some personal finance tips unmarried couples can use to stay on track with their financial goals and to make sure their better half is protected. Unmarried couples don’t have access to each other’s life insurance policy, inheritance or pension. If you cohabitate, protect your partner by creating a will or a trust to secure their future. Unmarried couples can name each other as beneficiaries in their 401(k) plans and life insurance policies. Giving your partner power of attorney may also be a smart move depending upon your age and medical condition.

 

Financial Planning for Unmarried Couples Includes Frank Discussions about Money

Personal financial planning for unmarried couples should include monthly meetings, discussions about retirement and finding ways to reduce high interest debt.

• A financial plan for unmarried couples should include monthly meetings to talk about savings and expenses. Discussions about money should be frank and nothing should be left to chance- an open and honest exchange is best.
• Unmarried couples’ financial planning should include a discussion about retirement. Both parties should be on the same track for what they want and expect during their retirement years. Include a discussion about regular monthly expenses you can expect to pay after you stop working.
• Couples might also consider transferring high interest debt to a low interest credit card or a balance transfer card to save money for the future. The credit cards typically require a good credit history, will allow you to name your partner as an authorized user and can decrease your current interest rates by 10-20% on average. 

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