Unmarried Couples: Take Care of Financial Legalities

It's no secret that more and more unmarried couples are living together than ever before. But while it may sound romantic to move in with your partner, be aware that it can create some complicated financial situations.

People in long-term relationships often pick up and share pricey assets like houses, cars and retirement plans along the way. Yet while the law says plenty about the financial affairs of married couples, it's mum on those who haven't had the clergy's blessing. So if you're not married and the relationship comes to an end, or worse, your partner unexpectedly dies, you could very well end up with nothing -- unless you take care of matters now.

That means paying careful attention to legalities such as property titles, wills and beneficiary designations. "If you're married, you get everything unless you opt out. If you're unmarried, you get nothing unless you opt in," says Frederick Hertz, an Oakland, Calif.-based attorney and author of a legal guide on living together. ...