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(COMTEX) B: Divorce Rate Plummets as More Americans Shack Up Instead of Getting Married
Unmarried Couples Face More Personal Finance Challenges Than Married Couples
( PRNewswire )

CHICAGO, July 25, 2005 /PRNewswire via COMTEX/ -- More Americans are taking
"til death do us part" seriously. According to the recently released Rutgers
University National Marriage Project the number of divorces is declining. But
the lower divorce rate is largely because couples are postponing, choosing not
to, or are legally unable to get married. Like Oprah Winfrey and Stedman Graham,
and Elton John and David Furnish, these 11 million unmarried couples are in
committed relationships and sharing financial obligations, but aren't entitled
to the 1,140 federal laws that apply to married couples.

"Although unmarried couples don't receive federal protection like married
couples, documents can be developed to mirror some of those protections, not
just if you break up, but in the event of the death or incapacitation of one of
the partners," says Debra Neiman, CFP(R) and co-author of Money Without
Matrimony. "From creating a durable power of attorney to making sure jointly
held property is correctly titled, it takes work for unmarried couples to
protect themselves financially, but it's well worth the effort."

According to Current Population Reports the average American will spend the
majority of their life unmarried and those people will likely partner, live
together and enter financial commitments with another person. Neiman, with
co-author Sheryl Garrett, CFP(R), caution these couples to do the necessary
paperwork and planning while the relationship is good.

"No matter how temporary or permanent the relationship, it's easier making
financial decisions about the future of your relationship while you're still in
love," says Garrett. "Because there are no laws to protect finances for
unmarried couples -- barring states that recognize common law marriages --
planning today makes a possible break up tomorrow easier, financially speaking."

And planning is not just for romantically involved couples.

"Whether romantically involved, or not, the issues are the same," says Neiman.
"Everything needs to be in writing including who pays what bills, how rent will
be paid and who gets what if the two of you part ways."

Sheryl Garrett, CFP(R) is a nationally recognized financial expert, founder of
The Garrett Planning Network, Inc. and in 2003, 2004 and 2005 was named one of
the 25 Most Influential People in Financial Planning by Investment Advisor
magazine.

Debra A. Neiman, CFP(R), MBA is a financial planner specializing in investment,
retirement, and tax-planning for unmarried couples and families. She is a
frequent lecturer and a founding member of PridePlanners Association.

Dearborn Trade Publishing, a Kaplan Professional Company, is the nation's
premier trainer and information provider for business and financial leaders
committed to profiting from breakthrough ideas. Kaplan Professional provides
licensing and continuing education training, certification, professional
development courses, and compliance tracking for financial services, legal, IT,
and real estate professionals and corporations. Kaplan Professional is a unit of
Kaplan, Inc., a wholly owned subsidiary of The Washington Post Company (NYSE:
WPO).

SOURCE Dearborn Trade Publishing

CONTACT: Al Martin, Publicist of Dearborn Trade Publishing, [phone],
ext. 4652, or [e-mail]

URL: http://www.dearborn.com

Copyright (C) 2005 PR Newswire. All rights reserved.

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