If you hope your relationship with your unmarried partner will last for a long time, perhaps even for the rest of your life, you should take steps to fortify your union. Some unmarried partners end up fighting over different financial and personal issues. A breakup could be especially painful since you lack the legal protections of a married spouse.
Policy Genius explains different documents that unmarried couples can benefit from. These papers may help you build a stronger relationship or protect your interests in the event you and your partner split up.
A spending plan
Living together means you should know your spending responsibilities. Some couples split the bills equally. However, if you earn less than your partner, a fifty-fifty split could be unfair. Instead, you and your partner could draft a spending plan that assigns spending responsibilities in a fair manner.
Insurance policies
Unmarried partners should have their own insurance coverage. If you and your significant other are paying a mortgage, one of you could be liable for the unpaid amounts if the other partner dies unexpectedly. Taking out a life insurance policy could give your partner death benefits to cover unpaid debts.
You should also have health insurance. As an unmarried partner, you probably cannot share an employer-based health plan with your significant other. Still, you may want to ask your workplace’s human resources department if sharing a plan is possible. If not, you and your partner should consider individual policies.
A separation plan
Thinking of a possible break-up is probably painful, but it may be necessary. Composing a legal separation plan can help you and your partner determine how to split up your joint finances and other properties. This document works like a prenuptial agreement, so it has the force of law. You and your partner may feel less stressed from taking these steps, plus you might even help your union endure.
