Financial Agreements Without Saying "I Do"
Publications outline options for same-sex couples
For Immediate Release: March 4, 2004
ROCKVILLE, Md. — As the gay marriage debate heats up across the United States, many gay and lesbian couples are looking for ways to legally express their love and obtain rights that married couples often take for granted. But regardless of where a couple lives, or whether a constitutional amendment passes to ban gay marriage, there are options that same-sex couples can take right now to protect themselves financially, and build stronger relationships.
"For many same-sex couples, taking care of the day-to-day finances or deciding who gets what when a relationship ends can be a confusing and messy process," said Pam Rhode, president of Myvesta, a nonprofit consumer education organization. "By deciding how both of you want to handle your financial matters, and doing some planning ahead, many headaches can be avoided."
Some of the issues couples face include whether or not to set up joint bank accounts, what to do when buying property together or deciding who will be able to handle the other person's financial matters in case of an emergency.
"One simple thing that all same-sex couples should do is prepare a durable power of attorney for finances," Rhode said. "Otherwise, if you get sick it's up to a court to decide who is in control of your finances. And quite often it's not someone you would have picked."
To assist GLBT couples in handling their finances, Myvesta has produced a series of gay and lesbian themed publications. The publications include:
- The "Living Together" Contract: A guide for same-sex couples
- Respecting Your Wishes if You Become Ill or Incapacitated: A guide for gay and lesbian couples
- Managing Your Money: Options for same-sex couples
- Financial Concerns For People With AIDS/HIV
The publications can be downloaded online at Myvesta.org.
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MyvestaSM is dedicated to helping people create healthy financial lives. The organization provides a wide range of materials to inspire and inform people so that they can break down their barriers to financial and personal success. For more information visit Myvesta.org online.
