If you’re in a domestic partnership, today I am giving you some food for thought. If you think that the title of this article implies that married couples do not face financial and legal quirks, you are mistaken. They are just a different ballpark, and I will write about them soon.
But today, I will tell you about domestic partnerships because most couples nowadays tend
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| In some countries, domestic partnerships are now more common than marriage. |
to live together before they marry, if they ever marry at all. Being together and unmarried in most cases takes nothing away from the level of commitment of the two partners in a couple. It is simply a different way of doing things, and finally the law is beginning to understand this, and address these arrangements. Also, with the instability of the issue of same-sex marriage, many of these couples are waiting for more transparency on the subject before walking down what is still a very rocky aisle, so to speak.
Because of all these reasons, I believe I should bring up the legal and financial options, possibilities, and obligations surrounding domestic partnerships.
Can domestic partnerships be legalized without marriage?
Yes. There is something called a Domestic Partnership Agreement or Affidavit, similar to a prenuptial agreement, that delimits the legal and financial rights and obligations, regarding property, assets, accounts and debts, inheritance, health insurance, as well as other issues that are usually sorted via marriage.
A domestic agreement of this sort is not a standard document, thought you may be able to
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| Cuando no es solo estar juntos. |
find some samples online that can give you an idea of what to expect. However, if you and your partner decide to obtain an agreement or affidavit to legalize your union without marriage, and wish to file it in your state or District court, I would recommend that you consult a lawyer to offer you specific guidance applicable to your circumstances alone.
Can we get life and medical insurance?
These are two separate types of insurance. Of course, if you have life insurance, it is a good idea every couple of years to pull out your insurance beneficiary designations and review them, in case you want to make changes. But life insurance policies allow you to make anyone you want as beneficiary, regardless of relationship to you.
With medical insurance, many states and the District of Columbia recognize domestic partnerships as family units and offer insurance to both partners. Keep that in mind as you may obtain better coverage and pricing for both using the insurance of one of you.
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| Love Rain by Avenue 207 |
Life and death…
I’m a pragmatist and am here to remind you that, like it or not, people die. And statistically, a good many of us will not reach old age.
If you are in a committed relationship, you should not wait to sort out death and medical wishes until you are 40 or older. If you love your partner, wishing them financial and legal stability in case something were to happen to you should be the most normal line of thought. Follow through on this and settle the following decisions:
- Designation of health care surrogate: the designation of who will make health decisions for you if you become unable to make them for yourself. Here is more information on the subject. It is easy to do and only needs notarization.
- A will: while many of think of a will as something for when they age, the truth is that if you have assets, property, and/or funds, and you want them divided according to your specific wishes, you will need a will.
- A living trust: if you do not draw a will, consider using a trust for setting aside specific property, assets and funds for specific people, in this case, your partner. This way in the event of your death, whatever is listed on the living trust bypasses probate court and goes directly to him or her.
The subject of writing a will or trust may seem morbid to you if you are a young couple, and I can understand that. But here is an interesting true story for you: when Stieg Larsson (the Swedish writer who wrote The Girl With The Dragon Tattoo saga, the worldwide bestsellers) died, he left no will or trust. Estate law in Sweden, as is the case with the law in many countries (and US states) granted complete ownership of his money and property, and intellectual rights to Larsson’s brother and father, leaving his girlfriend-partner of 36 years, Eva Gabrielsson, penniless. They allowed her to have the apartment that Larsson and Gabriela had lived in “out of pity”, while they walked off with the forty million dollars plus whatever Larsson’s books rights continue to earn to this day. It makes me angry every time I think of it. Please learn from that horrible mistake and protect your and your partner’s future.
Credit union and bank accounts?
That is a hot topic for the credit union. You see, federal law states that account designations for beneficiaries upon death are ruled by laws of the place where the accounts were
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| Ahorrar juntos. |
opened. OAS Staff FCU is located in Washington DC and follows District law. DC law says that the funds on any account with a single owner, upon death of that owner and if no will designating beneficiaries is found, will be directly forwarded to probate court for them to distribute to the living beneficiaries according to DC law.
If one of the partners dies with no joint ownership of accounts will or trust, the funds will be sent to probate court. Aside from having to abide by DC law, remember, it is a legal procedure: probate court decisions, like all court decisions, take FOREVER. Don’t let it happen to you, have joint accounts!
Child custody
Many partners come to a relationship with children; some same-sex couples use surrogacy services to have children together. In surrogacy cases as well as with couples in which one partner has children of his or her own, custody should be addressed sooner rather than later. Via second-parent adoptions, a non-biological parent can obtain the legal familial union that will protect the child or children if the biological parent died.
Property
This is an extremely important matter. Let’s go back to Stieg Larsson. His de-facto wife of 36
years would have been kicked to the street upon his death if his relatives had chosen to keep the apartment that the writer and Eva shared. That is because Larsson never titled the apartment in both their names and she obviously never thought it was important enough to bring it up.
The process of retitling property is time-consuming but manageable. Don’t put it off because of the hassle, as later it might simply be too late.
A final word on safekeeping
After all is said and done, domestic partnerships are families, and you should strive to offer your loved ones the best you can, with or without you. Ensuring their legal and financial stability is part of what it means to be a family.
It is hard to think of all these things when you are starting up, but they should be addressed whenever you feel firm on your decision of being together for good.
And once you have all these papers sorted, signed, notarized, please give copies of the ones that need sharing to your loved ones, so that they are aware of your wishes. Keep the originals some place safe.
I suggest that you keep all your important papers, titles and small property in a safe. Lacking one, remember that OAS Staff FCU has individual safety deposit boxes for lease at extremely affordable prices. Check with Member Services for information.
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