Over the past 30 years, the number of unmarried US adults cohabiting in a relationship hasmore than doubled.

Yet the laws governing our finances in the US are still skewed to benefit married couples.

My partner, Stefan, and I are part of that trend.

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In 2023, we bought our first house together.

Stefan and I merged some of our finances shortly after moving in together.

Weshare a single bank accountthat we use to get paid and to pay all of our bills.

We’re alsoboth self-employedand have business finances we manage separately, which lets us maintain some financial independence.

“I recommend couples keep one bank account separate for each of them.”

Keeping all or some of your finances separate could protect you in case the relationship ends.

Delineating ownership throughout the relationship could help you avoid legal headaches down the line.

If either of you bring loans orcredit card debtinto the household, how much will you tackle it together?

Do you prefer to let debts remain individual liabilities?

How will that impact whether and how you combine finances?

“For unmarried couples, clarity is key,” said Priestly.

“Lay everything out on the table early and set agreements about who pays for what.

… Transparency is nonnegotiable.”

In that case, if someone dies, their interest in the property goes to their heirs.

The right of survivorship is a benefit of joint tenancy, but the designation could also present challenges.

Just consider how you’d handle ownership if the homeowner were to die first.

Talk to an accountant ahead of tax season

Married partners have the option tofile taxes jointly.

For years, I was the sole earner in our household.

“Our tax code is much more generous for married couples than unmarried couples,” said Evans.

Short of getting married just for the tax breaks (not advisable!

), you’re free to’t do much to change your tax status.

You might find advantageous ways to split household costs and asset ownership, for example.

An estate plan is more comprehensive than a will.

A solid estate plan lets a couple shape their financial futures and legacies, said McEntee.

It also names beneficiaries, just like a will does, to inherit the contents of the trust.

All couples should consult estate planning attorneys to determine the best plan for them.