Contract Requirements for Domestic Partners

Today, a lot of same-sex couples are getting into long-term commitments. Such couples would do well to enter into a domestic partnership agreement to strengthen their relationship and bring about some clarity about the responsibilities of each partner. In many states, the rights of same sex couples are governed by contract law.

Entering into a partnership is also advantageous in that your partner would be entitled to a share in all your investments be it life insurance, disability claims, health benefits, or even pension funds.

A domestic-partnership agreement encompasses the following:

  •      Income sharing between the partners
  •     Clarity about bill payment
  •     Joint or individual ownership of property
  •     Outlining rights as well as financial responsibilities
  •     Settlement of debts and impending legal disputes

Signing a domestic partnership agreement in California is extremely beneficial for same sex couples who can now entitled to the same rights and privileges as straight couples. It only allows registered partners to purchase community property conveniently, but also makes them accountable to the social and financial needs of their partners.

Contract Essentials
Before signing the agreement, do be mindful of the following considerations:

  •     Ensure that your financial issues are not entangled with those of your partner
  •     Prepare a mechanism to undertake collective debt management.
  •     Protect your estate by ensuring that your partner waives his/her legal right to claim
  •     In case of partnership dissolution, there must be clarity of each partner’s responsibilities.
  •     Details of all debts and assets must be outlined
  •     Buy an insurance policy to protect the rights of your dependents rather than depending upon your partner.

You may want to consult a legal expert who specializes in California same sex laws to help you prepare the contract.