274: Skipping "I Do": How to Safeguard Your Finances as an Unmarried Couple with Melanie Lockert

A lot of people have purely romantic notions about marriage, but the truth is that marriage, in its simplest form, is a contract that provides legal protection. That contract is meant to cover ownership of real estate, division of assets, determination of healthcare directives, and more. Not everyone wants to enter into the terms of that contract, but their relationships still deserve respect and their wealth and assets still deserve protection. So if you’re interested in a long-term romantic partnership and want to build a life with someone–without the legal commitment–this is the episode for you. 👇 I’m joined by Melanie Lockert, an award-winning finance writer, public speaker, event planner, and founder of Lola Retreat for women. We talked about why many people are opting out of marriage, how unmarried partners can be legally vulnerable, and steps you can take to protect yourself–and your partner–financially, in case of separation or unexpected health events. Today’s interview is a follow-up to last week’s conversation with estate attorney Kara Foster about prenups and postnups–head to hendershottwealth.com/273 if you missed that one! Whether you’re on the fence or fully decided about your personal stance on marriage, both episodes are worth a listen… especially if you need a reminder to update the beneficiaries on your policies and accounts. 👀 Here’s what you’ll learn in this week’s episode of Love, your Money®: 02:44 Why Melanie became interested in writing about the financial implications of unmarried partnerships and how people can protect themselves 03:33 Making medical decisions for your partner, the importance of getting a healthcare power of attorney, and what happens without that paperwork 07:02 Melanie’s reasons for not getting married, how that decision aligns with her values, and why she considers it a money-saving move 11:15 Things people forget to consider about when they’re considering moving in together, especially when it comes to finances or real estate investments 16:49 What Melanie has learned about protecting her finances from her partnerships, and how her boundaries have changed over the years 18:33 What Melanie would say to an unmarried couple who is considering buying real estate together, and the potential risk of taking title as joint tenants 23:52 The reframe Melanie wants listeners to consider when they’re thinking about legal and financial protections in long term partnerships Show Notes To get access to the full show notes, including all the resources mentioned, visit: https://hendershottwealth.com/podcast/melanie-lockert-skipping-i-do Follow Hilary on: LinkedIn Instagram YouTube Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.