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Question: My partner and I have made a
life-long commitment. Do we need legal agreements, too?
Answer: A wise consultant once counseled me that
one of the most important steps to take when two
or more people make decisions is to establish a
set of guidelines for how to decide when there is
disagreement. For married couples, these
guidelines are often determined by laws. For
unmarried couples, the decision-making process is
much less defined, making it even more important
to establish your rules by drafting written,
legally binding agreements.
Just as married couples, the issues that are
the most complicated concern property,
inheritance, income and debts. An attorney can
draw up a living-together agreement based on the
values and wishes of both people in a
relationship.
A living-together agreement would include
directives concerning property rights, inheritance
rights and support. The couple can agree to hold
property acquired during the relationship as
jointly owned or in equal or proportionate shares.
They may keep property separate and agree to
compensate one person for services that benefits
the other person. If couples think ahead to the possibility of death or
dissolution of a relationship, they can think clearly about what they want
to have happen before an event triggers these decisions. A living-together
agreement can protect both partners.
Decisions need to be made if one person can
no longer work. What is each partner willing to do
to support the other one?
It is critical for you and your partner to
have legal documents if you want your partner to
make medical decisions if you are unable to do so.
When outside family members are not supportive of
a living-together relationship, a partner without
a legal document has no authority to make
decisions for their partner. An attorney can draw
up a durable power of attorney and a medical power
of attorney for you and your partner that will
allow you to make medical and financial decisions
for each other.
Of course, wills are essential to specify who
will inherit what. It is suggested that cohabiting
couples avoid probate as much as possible if there
is any possibility that family members might
challenge a will. This means having real estate,
stocks and bonds, savings accounts and insurance
policies in joint names so the property passes
directly to the surviving partner.
Visit an attorney right away so you can feel
confident that you are taking care of each other.
For more information, contact your local
Colorado State University Extension office. |
