There are more unmarried couples living together than ever before. Based on census data gathered between 2000 to 2010, the number of unmarried couples living together in the United States increased by 41 percent, a rise of 7.7 million.1 And that trend is expected to continue as the marriage rate drops. The number of new marriages per 1,000 people has dropped to 6.9, and that number is expected to be 5.5 by 2023.2
Living together can be a great option for a number of reasons. It can be fun to live with someone. It’s also a great way to reduce costs and increase savings. Then there’s the furniture shopping, the cooking together and the marathon movie watching! However, cohabitating couples don’t have the same legal rights as married couples. That means unmarried couples who are living together may want to take steps to ensure they’re protected and provided for in the event of a breakup, or anything else that may come along.
Whether it’s writing a cohabitation agreement, planning for the unexpected, using life insurance for financial protection or choosing the right beneficiary, unmarried partners can take steps to better protect each other for whatever comes their way.
1 United States Census Bureau, “Households and Families: 2010,” 2012
2 Ben Steverman, “Why You’re Being Invited to Fewer Weddings,” Bloomberg, 2014
3 Social Security Administration, “Survivors Planner: Survivors Benefits for Your Widow or Widower,” 2017