Starks Financial Group - Services

Unmarried Couples

If you are not legally married, the most prudent course of action is to put everything in writing. What's more, while domestic partnerships or civil unions are recognized by some states, you still remain strangers in the eyes of our federal government. Therefore, any rights you might want as a married couple must be re-created in a legal document.

You should consider having a revocable trust or else risk having your assets passed to family members instead of your partner. You should also consider having a document that appoints your partner to make medical decisions on your behalf in case you become incapacitated. This document will also allow visitation, which could otherwise be denied.

A durable power of attorney is another document you should consider. It designates an agent to make financial decisions if you're incapacitated. You might want to also have a domestic partner agreement, also known as a property-sharing agreement. It is like a prenuptial agreement married couples have, and it instructs how assets are divided in the event of a breakup or death.

Lastly, we can double-check your beneficiary designations on retirement accounts, stock options, life insurance and any other assets you may have and give advice as to what changes might need to be made.

We have developed a specialty in working with unmarried couples and have many strategies and planning solutions that can be implemented specifically for your unique needs. We can serve as your financial planners and coordinate with your legal and tax advisors to help ensure that all other important aspects are covered.