• 14
  • April
    2011

There are more couples than ever who are deciding to live together but not get married. A growing percentage of these 7.5 million couples is made up of people who are retired.

Not getting married makes many things simpler for couples living together, but there are some considerations that still need to be planned for. Many retired people have financial interests to protect, and the interests of their heirs to consider.

Even though the number of couples living together has doubled over the last ten years, financial and legal protections are not in place to safeguard those couples' interests.

Most Florida estate planning attorneys would advise each partner in an unmarried couple to build their own safety net, whether it be retirement planning or preparing documents that will allow their partner to visit them in the hospital.

Unmarried couples are advised to get down to specifics about who will pay which expenses, and who will own which assets. Ownership may be important for personal property, but even more important when it comes to a home, automobiles, a business and investments.

Both partners should save even more money than they would if they were married. It may not be possible to move insurance benefits or pension rollovers to unmarried partners.

It is also a good idea to avoid total financial dependence on an unmarried partner.

Unmarried couples should have individual wills and advance health care directives updated and in place.

Source: CNBC "More Unmarried Couples Living Together in Retirement" 4/6/2011