Thursday, August 18, 2022
Subscribe to Guide
No Result
View All Result
Hamptons.com
  • Live Cameras
    • All Live Cameras
    • Live! Weather Cams
    • 39A Corner
    • Main Beach
    • South Ferry
    • Coopers Beach
    • Southampton Village (South)
    • Southampton Village (North)
    • Southampton Village (Hildreths)
    • Downtown Circle Montauk
    • Long Island Aquarium | Shark Tank
    • Long Island Aquarium | Coral Reef
    • Tiana Beach
    • Ponquogue Beach
    • Ponquogue Bridge
    • Shinnecock Fishing Dock
    • Village Main Street
    • Downtown Sag Harbor
    • Windmill Beach Sag Harbor
    • Foster Memorial Beach
    • Conscience Point Marina
  • Public WiFi
  • Happening
    • Arts
    • Community
    • Dining
    • Entertainment
    • Kids
    • Recreation
    • Real Estate
    • Events Calendar
    • Post an Event
    • Gallery
    • Spotlight
  • Real Estate
    • Open Houses
    • Search Sales
    • Search Rentals
    • Recorded Sales
    • Title Insurance
  • Live Cameras
    • All Live Cameras
    • Live! Weather Cams
    • 39A Corner
    • Main Beach
    • South Ferry
    • Coopers Beach
    • Southampton Village (South)
    • Southampton Village (North)
    • Southampton Village (Hildreths)
    • Downtown Circle Montauk
    • Long Island Aquarium | Shark Tank
    • Long Island Aquarium | Coral Reef
    • Tiana Beach
    • Ponquogue Beach
    • Ponquogue Bridge
    • Shinnecock Fishing Dock
    • Village Main Street
    • Downtown Sag Harbor
    • Windmill Beach Sag Harbor
    • Foster Memorial Beach
    • Conscience Point Marina
  • Public WiFi
  • Happening
    • Arts
    • Community
    • Dining
    • Entertainment
    • Kids
    • Recreation
    • Real Estate
    • Events Calendar
    • Post an Event
    • Gallery
    • Spotlight
  • Real Estate
    • Open Houses
    • Search Sales
    • Search Rentals
    • Recorded Sales
    • Title Insurance
No Result
View All Result
Hamptons.com

How Your Relationship Status May Affect Your Finances

Rocco A. Carriero by Rocco A. Carriero
March 19, 2013
in Real Estate
Home Real Estate

Whether you said “I do” at the altar, entered a common law marriage, are in a domestic partnership or cohabit with your significant other, the laws about your financial rights and obligations vary by state, and sometimes even by city.

To understand how your relationships status and living situation impacts your legal rights and obligations, consider consulting with reputable financial, legal and tax professionals in your area. With that in mind, here are some important things you should know:

  • Only select states recognize common-law marriage. One of the most common myths about common-law marriage is that if you live with someone for a certain length of time— often believed to be seven years—you are considered married under the law. This is not true everywhere in the U.S. In the states that do allow common-law marriage the circumstances vary, as do the financial implications. If you think you may be eligible to enter a common-law marriage, do some research to see if it applies to you in your state and what the implications may be.

  • Since most states don’t recognize the rights of unmarried couples that cohabit, many couples enter cohabitation agreements. Designed to protect couples from an unfair distribution of assets and property, these agreements describe individual financial and household responsibilities and assign debt to one or both individuals. They are also becoming increasingly popular among cohabitating elderly couples who want to define their financial responsibilities for their partner’s medical care and other expenses.

  • If you live in a common-law marriage state and don’t want to be legally married, document your intentions. Meet with your lawyer to create a written record of your desire to remain independent from each other. If you don’t take this step and your living situation meets your state requirements for common-law marriage, you are considered legally married in every way. For example, if your relationship ends, you are required to get a divorce. Or if one of you dies, your assets automatically pass to the other.

  • Domestic partnerships may occur between same-sex or opposite sex couples. Again, the definitions and rights vary by state or even by cities within a state. Even if your state doesn’t recognize domestic partnerships, your city may have ordinances that allow domestic partners who meet certain criteria the opportunity to secure voluntary employer benefits and a limited form of legal recognition to protect their families.

    Once you become familiar with your legal rights and obligations as an unmarried couple, you can take steps to financially protect yourself—and your partner. Start by discussing:

  • Whether your assets will be shared or separate: Couples who live together face financial vulnerabilities that married couples do not when it comes to shared checking accounts, credits cards and other investments. Often it’s easiest—and smartest—to keep your assets separate and split bills and other joint expenses down the middle. But regardless of how you choose to manage your finances, documenting your decisions with a written legal agreement is the best way to protect yourself—and your credit score – if the relationship doesn’t stand the test of time.

  • Who will pay for property purchased together: Before you buy a home, decide if you will be joint tenants in which ownership is equally shared or tenants in common in which you each have a distinct percentage of ownership. Unlike joint tenancy, if your co-owner dies, you don’t have rights to their share of the property. Instead, their share becomes part of their estate and their will or state intestacy laws will determine how it’s distributed. Also consider who owns what when making other big purchases together like a vehicle or small business.

  • Who will inherit assets in the event of death: As an unmarried couple, your assets don’t automatically pass to your partner in the event of your death. If you have assets you want your partner to inherit, properly document your intentions in writing to help ensure your wishes are carried out. If you don’t, state and federal laws will dictate who gets what— and typically it’s your next of kin or your estate. Also, if your significant other is the desired recipient of your retirement funds and life insurance policies, be sure to list him or her as the beneficiary. Keep in mind that your beneficiary designations override the directives of your will, so it’s critical to keep them current.

    Again, since the legalities governing marriage, common-law marriage, cohabitating and domestic partnerships are complex and vary by state, please consult reputable legal, tax and financial professionals in your area for more information on how to protect yourself, your significant other and your assets.

  • Previous Post

    Westhampton Beach Performing Arts Center Presents An Evening Of One-Act Plays

    Next Post

    Volunteers Needed For Construction Of Iron Point Playground In Flanders

    Rocco A. Carriero

    Rocco A. Carriero

    Rocco is a Private Wealth Advisor with Ameriprise Financial Services, Inc. in Southampton, NY. He specializes in fee-based financial planning and asset management strategies and has been in practice for over 20 years. Advisors is licensed/registered to do business with U.S. residents only in the states of NY, NJ, TX, MA, PA, NC, NH, UT, NV, CA, NM, WA, VT, MS, MD, RI, FL, MO, SC, GA, MN, CT, AZ. Ameriprise Financial Services Inc., and its representatives do not provide tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation. Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC.

    Next Post
    Volunteers Needed For Construction Of Iron Point Playground In Flanders

    Volunteers Needed For Construction Of Iron Point Playground In Flanders

    ADVERTISE

    SEARCH ARTICLES

    No Result
    View All Result

    Categories

    • Arts (2,182)
    • Community (1,942)
    • Dining (818)
    • Entertainment (991)
    • Featured (328)
    • Gallery (2,156)
    • Kids (52)
    • Real Estate (654)
    • Recreation (1,607)
    • Spotlight (38)
    • Unique Hamptons Night Out – A Plant Based Private Dinner

I had never heard of veganwagon.com until meeting the owner of the business, Mino Netta, who is a high energy and spiritual person that runs a vegan lifestyle business with her husband? What’s a vegan lifestyle business you ask? I had the same question. Essentially, Vegan Wagon puts together events that revolve around the vegan lifestyle. Mino Netta’s husband is the head chef of the business and is a vegan lifestyle influencer. Alex Cheblal is a 5-star gourmet French Chef that specializes in plant based cuisine. As a vegan chef, he has personally immersed himself into the lifestyle for the last 22 years. @veganwagonchefalex

Read the full article at Hamptons.com (Link in Bio) #hamptons #plantbased #vegan #private #dinner #hamptons
    • Guild Hall Summer Gala to Honor Philanthropist Kathy Rayner

Guild Hall announced today they will honor philanthropist Kathy Rayner at their upcoming Summer Gala on Friday, August 19 at Mulford Farm in East Hampton. Mrs. Rayner will be recognized for her establishment of the Guild Hall William P. Rayner Artist-inResidence program, in honor of her late husband, artist Billy Rayner, which offers artist collectives the time and space to research, experiment, and develop new ideas while living on the East End. @guild_hall

Read the full article at Hamptons.com (Link in Bio) #hamptons #guildhall #summergala #summer #benefit
    • Make Rita Cantina’s Delicious Watermelon Margarita

Rita Cantina offers delicious Mexican cuisine and innovative cocktails. Their signature margarita recipes are composed of deliciously flavorful and seasonal ingredients, refreshing for this summer heat. @rita_cantina

These hot summer days call for a refreshing watermelon margarita recipe by margarita expert Adam Miller: 

Watermelon Margarita
Created by Adam Miller at Rita Cantina (Springs, NY)

● Ingredients
○ 2oz Blanco tequila
○ 1 oz watermelon juice
○ 1 oz lime juice
○ .75 oz simple syrup

● Method
○ Juice lime and watermelon fresh. Make a 1:1 simple syrup with cane sugar.
○ Combine all ingredients in a shaking tin and shake—fine strain over fresh ice. Garnish
with a lime wedge and drink!

● Glass
Double Old Fashioned Glass or Rocks Glass (12.5 oz and above)

Read more about Rita Cantina at Hamptons.com (Link in Bio) #ritacantina #mexican #margaritas #summer #tacos #springs #hamptons
    • Taryn Winters × By Dria Collection Celebrates Feminine Comfort and Empowerment

This summer, Dria Murphy, wellness expert and brand builder, launched by dria, a curated shoppable lifestyle site of “the best of” products within wellness, beauty, interiors and fashion according to her point of view. Through her experience working with many brands and products in these spaces, she discovered that more does not equal better; so to cut through the noise, she was inspired to create this shoppable outlet to share everything she has tested, learned and love. If she wouldn’t wear it, try it, visit it, taste it, sip it or swear by it – it doesn’t make the by dria cut. She also curates a round up of chic, new and noteworthy products you should buy called the au courant edit that drops every month. @driamurphy @tarynwinterslingerie

Read the full article at Hamptons.com (Link in Bio) #fashion #womenempowerment #hamptons #lifestyle #bydria
    • Intriguing Location in Wainscott

7 East Gate Road, Wainscott, NY 11975
Saunders Co-Exclusive: $3,995,000

Located right in the very heart of the Hamptons, this terrific home is close to the places you want to be. The Wainscott Beach is less than 2 miles away. There’s a Jitney stop down the street, not to mention much-loved Levain Bakery, The Seafood Shop, Goldberg’s Famous Bagels, La Capannina Pizza and Wainscott Main Wine & Spirits. Also Wolffer Vineyards sunsets are right down the road. The location is hard to beat; get to Sag Harbor, East Hampton and Bridgehampton easily, in minutes. @divahands @hamptonsrealestate

Read the full article at Hamptons.com (Link in Bio) #hamptons #hamptonsrealestate #luxuryrealestate #saunders #hamptons
    • Review: “Ragtime,” Might be the Best Musical Ever at Bay Street Theater!

Bay Street Theater’s powerful production of the musical “Ragtime” mesmerized the audience and at the end had them on their feet applauding wildly. “Ragtime” is a must see. There are so many individual roof raising performances, yet the show is so much more than the sum of these amazing exhibitions of top level singing, dancing and physical acting. The drama is spellbinding. “Ragtime,” is running at the Bay Street Theater until August 28th, Visit www.baystreet.org for all information about show times and ticket purchases. @baystreettheater

Read the full article at Hamptons.com (Link in Bio) #hamptons #theater #baystreet
    Facebook Twitter Instagram Youtube
    Hamptons.com

    Saunders Broadcasting Corp.

    Phone: 631-405-3902
    Email: [email protected]
    Facebook: Facebook.com/HamptonsOnline
    Twitter: @Hamptons
    Instagram: @HamptonsOnline

    Contact Us

    Happening in the Hamptons

    • Arts
    • Community
    • Dining
    • Entertainment
    • Featured
    • Gallery
    • Kids
    • Real Estate
    • Recreation
    • Spotlight

    Subscribe

    Get daily news updates to your inbox!

    Subscribe to our mailing list to receives daily updates!

    © 2021 Hamptons.com | All rights reserved
    Saunders Broadcasting Corp.
    Terms & Conditions | Privacy Policy | Contact Us

    No Result
    View All Result
    • Live Cameras
      • All Live Cameras
      • Live! Weather Cams
      • 39A Corner
      • Main Beach
      • South Ferry
      • Coopers Beach
      • Southampton Village (South)
      • Southampton Village (North)
      • Southampton Village (Hildreths)
      • Downtown Circle Montauk
      • Long Island Aquarium | Shark Tank
      • Long Island Aquarium | Coral Reef
      • Tiana Beach
      • Ponquogue Beach
      • Ponquogue Bridge
      • Shinnecock Fishing Dock
      • Village Main Street
      • Downtown Sag Harbor
      • Windmill Beach Sag Harbor
      • Foster Memorial Beach
      • Conscience Point Marina
    • Public WiFi
    • Happening
      • Arts
      • Community
      • Dining
      • Entertainment
      • Kids
      • Recreation
      • Real Estate
      • Events Calendar
      • Post an Event
      • Gallery
      • Spotlight
    • Real Estate
      • Open Houses
      • Search Sales
      • Search Rentals
      • Recorded Sales
      • Title Insurance

    © 2021 Hamptons.com | All rights reserved
    Saunders Broadcasting Corp.
    Terms & Conditions | Privacy Policy | Contact Us