Carl Glendon

When Is a Domestic Partnership Agreement Important?

A Domestic Partnership Agreement is the name given to a contract between a couple, whether heterosexuals or homosexuals. This type of agreement addresses various essential aspects of a relationship, generally dealing with healthcare, property and financial rights. Such a document defines what will occur to the assets of a couple in case any of the partners die or the relationship draws to a close. There could be various reasons for the importance of a Domestic Partnership Agreement for a couple.

No desire to marry

In some cases, couples do not wish to marry, possibly because of family expectations or for any personal reason. In a few cases, religion could play a big part in impacting the decision to get married like a same-sex couple. Couples who are older in age might not wish to undergo the various hassles and the investment in time to get married. In case of widows, remarriage can mean an end to some benefits - like benefits of workers' compensation death from a deceased former spouse. With a domestic partnership agreement that is drafted and created properly, risks of losing such benefits may be avoided.

Wish to define property rights

When a couple wishes to have property rights well-defined in a relationship, a domestic partnership agreement can also be useful. It can specifically mention which of the spouses owns which asset and how the assets that are acquired in a relationship will be distributed during separation. This kind of agreement, in such a way, can serve similar to a prenuptial agreement. A domestic partnership agreement is similar to a business partnership agreement in many ways, especially when it comes to defining property rights. For more information about getting a partnership agreement in Colorado, please visit this website.

Wish to eliminate marriage tax penalties

Couples who are married, in a few cases, end up making more tax payments than the case would have been in case they were single. In such cases, it might be sensible for couples to prepare a domestic partnership agreement that can let them avail many of the marriage benefits as well as avoid the rise in income taxes. There are varied advantages of having this kind of an agreement.

Author Resource:-

Carl writes often about legal drafting of rental & commercial lease agreements, power of attorney and partnership agreements to help the people in needs. Please visit this site to get a sample partnership agreement in Mississippi and partnership agreement in Vermont.