David Helverson, Accredited Domestic Partnership Advisor and Vice President Investment Officer, Wells Fargo Advisors, addresses the unique financial challenges faced by same-gender partners. This is the third article in a continuing series.
Last month’s column offered suggestions to legally address healthcare and financial concerns and objectives. One of those suggestions was a “Living Together” agreement, which explains what property belongs to whom and how assets should be divided in the event that the relationship ends while both partners remain living. We think this document, which can also be called a Domestic Partnership Agreement or DPA, is tremendously important.
The inability of domestic partners to marry in many states also means there is often no prescribed blueprint for handling disputes or dissolution of a relationship. A legally recognized DPA can save time, energy and resources in the event of a partnership’s dissolution. It may also provide a guide to a judge who may not be sympathetic to either partner.
