Now that you and your loved one are considering marriage and talking more about your potential future, you may think financing will not be an issue or that you don’t qualify for many types of financial assistance. Let us be the first to say that that’s a myth; you and your spouse certainly need to discuss finances before crafting a future. Here are beneficial financial tips for LGBTQ+ couples.
Medical
If you and your partner don’t plan to tie the knot any time soon, you can use a medical directive. A medical directive grants next-of-kin status even if a couple isn’t wedded. In the case of an accident or passing, the deceased’s spouse gets granted similar rights to those of a blood relative.
When traveling, this is a crucial document to hold onto, as it ensures medical professionals have an emergency contact. Additionally, this document helps protect you and your partner’s rights.
Estate Planning
Estate planning is an essential process for married couples. However, if you aren’t married, you need to take a few extra steps during this process.
When discussing each other’s estate, it’s vital to talk with an attorney about the estate planning process. This will ensure there are no errors and everything gets implemented correctly before moving forward.
Emergency Funds
It’s crucial to set aside funds in a separate saving account in case the worst happens, and a spouse passes, or the couple goes through a divorce.
An emergency fund enables you to satisfy any legal payments, funeral costs, and other fees that need paying off while still having some leftover to help you survive. Emergency funds aren’t always considered during a relationship, so discuss starting separate savings accounts with your partner to help save in an unfortunate circumstance.
Domestic Partnership Agreement
Unmarried couples don’t have protection on their assets if they pass or break up with their partner. However, a domestic partnership agreement acts as a contract that binds the both of you, almost like a marriage license with no strings attached.
The document helps detail each party’s expectations in the cohabitation contract and details finances that are handled between both individuals. In other words, the finances of both are split down the middle.
Custody
For both unmarried and married couples, custody is an ongoing issue. A custody battle can happen with pets, minors, and court-ordered guardianship of adults.
Some states have specific rules that limit the amount of power LGBTQ+ couples have over custody, especially if they’ve adopted children, are in the process of surrogacy, or have used fertility programs. If a custody issue comes up, it’s crucial to provide adoption papers that list you as the child’s parent.
As an LGBTQ+ couple, you have rights, and these are the most beneficial financial tips for LGBTQ+ couples. Many LGBTQ+ couples don’t fully know what their rights are when it comes to finances. Reach out to your local estate attorney to learn your rights as an LGBTQ+ couple.
