On behalf of Stange Law Firm, PC posted in Unmarried Couples on Thursday, April 17, 2014.
Many consider marriage as an inevitable part of life. But some people find that they don’t want to get married, for any number of reasons, whether it is because they haven’t found love or they don’t feel it is necessary to legally document their relationship. There’s nothing wrong with not being married, and in some instances, it may be a good thing.
Perhaps some time should be spent mulling over the benefits of being an unmarried couple, specifically detailing the financial boons of living together without being married. One such example involves increases in tax payments for high-income couples. This would cause married couples to pay a higher percentage on their taxes than if they simply remained legally unmarried. But perhaps the most meaningful difference in single life as opposed to married life is in your assets.
If you are married and pass away, your assets will most likely be passed onto your spouse unless you have stated otherwise in a will or a prenuptial agreement. This is most often an issue in a second marriage, when one or both spouses would prefer to have their assets go to their children upon their death. Unmarried couples may not have to worry about such things under Missouri law.
However, for unmarried couples, there are still plenty of assets that could be disputed, such as financial accounts or real estate that is acquired jointly by an unmarried couple. When dealing with assets that are in both party’s names, legal counsel may be able to help you resolve the matter with your partner and achieve a fair resolution.
Source: USA Today, “Reasons not to marry or remarry,” Rick Kahler, April 13, 2014