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7 Things to Watch Out for if You’re in a Nontraditional Relationship

By Gerry W. Beyer

Unknown-4Forbes lists seven different ways that same-sex partnerships or marriages can run into financial problems:

1. You have to file as head of your household, or as a single individual.

2. The state you live in may not provide a divorce procedure that gives you your equitable share.

3. You and your partner do not get Social Security benefits.

4. You may have to sell your house to get long term care benefits under Medicaid.

5. Designate your partner as the person to make your decisions if that is what you would like to see happen. Otherwise, the state you live in may default to a blood relative to make those decisions.

6. Create a will to get around your state’s intestacy laws in the event they do not recognize your union.

7. You will likely have to pay higher taxes on your estate. You are not eligible to receive the transfer of your partners exemption like married couples are.

See Erik Carter, In a Nontraditional Relationship? Beware These 7 Financial Pitfalls, Forbes, May 30, 2012.