12/31/2023 0 Comments Unmarried couples finances forum![]() ![]() Social Security: Unmarried couples are not entitled to spousal Social Security benefits.Otherwise, you could find that you won’t be eligible to receive money from these accounts down the road. However, if you are in a committed long-term partnership, you should review those documents to ensure that the beneficiary designations for each of you are up to date. Beneficiaries: You can choose beneficiaries who are not spouses on 401(k)s, pension plans, or insurance agreements.If both partners earn a substantial salary, it may be more advantageous to file separately regardless of marital status. Taxes: You cannot file a joint tax return.And unifying auto insurance might give you a multicar discount. Insurance: Once you’re married, your spouse is automatically covered on your renter’s or homeowners insurance policy.Beneficiaries: Often overlooked, it’s just as important to review any beneficiary-related documents, such as life insurance, wills, Social Security, and any deeds you may hold to ensure that they are updated with the most current information.For a single, that amount shrinks to $250,000. ![]()
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