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Ignoring the legalisms can be costly.(The Orange County Register)
Ladies, here's the second lesson about money: Before you cohabit in your senior years, get a legal agreement.
Gentlemen, don't you agree you should pay more for "domestic services" than a roof and three squares a day? Evidently, not enough of you do - leaving too many unwary senior ladies in a financial lurch.
Simply put:
"If you want the legal benefits of a marriage, you better get married," Newport Beach, Calif., attorney Violet P. Woodhouse advises women. She's a certified financial planner and an attorney specializing in divorce issues.
The "legal benefits" Woodhouse extols include include inheriting his Social Security and pension benefits.
Now, if a woman has her own Social Security and pension and just wants to protect her financial interest in possessions, she still needs an agreement, Woodhouse says.
"If you want to create a legal partnership, make sure you have a cohabitation agreement," she says.
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Source: HighBeam Research, Ignoring the legalisms can be costly.(The Orange County Register)