What Is a Domestic Partnership?
A domestic partnership is a personal relationship shared between two people who are not legally married. Characteristics of a domestic partnership often include living together, joint property ownership, mutual financial obligations, sharing of assets, and/or raising children together. People involved in a domestic partnership are either not able to have their union legally recognized within New Mexico or choose not to get married for their own personal reasons. The rights, benefits, and protections associated with domestic partnerships vary within different cities, states, and amongst employers. New Mexico recognizes domestic partnerships that are established in jurisdictions where those unions are legally permitted.
Domestic partnership agreements are not legally recognized within the state of New Mexico. There are many people who are intricately connected into each other’s lives and want the importance of their relationship acknowledged in some legal manner. New Mexico Legal Group is able to create contractual agreements that suit your needs based on the laws currently in place.
It is common for domestic partners who have been together for a number of years to share ownership of property. Typically, the names of both partners are on the deeds and financial accounts. We can review the type of ownership currently designated for all of your assets. If your assets are set up in a manner that does not coincide with your intentions for the future, we can let you know of the different types of property ownership that are available and help you make the necessary changes that are more in alignment with your goals.
Health Care and Power of Attorney
A major issue for domestic partners is the ability to make medical decisions if their partner is incapacitated or seriously ill. A power of attorney or health care directive grants the partner authority to make medical decisions on your behalf. The power of attorney states when and under what circumstances the partner’s authority goes into effect. It can also give the partner the right to access medical records and reports that will enable him or her to make informed decisions.
Wills and Trusts
Without a valid will or trust in place, New Mexico’s intestate laws determine how your property and other assets are distributed after your death. Making sure your domestic partner is looked after and has adequate financial resources is a concern for many people. One of the ways to protect your partner is by drafting a valid will or trust that states who you want to receive your property and how it should be allocated. It is important to understand the pros and cons of the different methods used to distribute property after death.