In 2018, more and more couples are starting non-traditional families, or buying homes together before they are married.
It’s extremely common for most unmarried couples to accumulate shared property, but less common to consider how the property will be dealt with in the event of the end of the relationship, or more dire circumstances.
It isn’t just a matter of how much you and your partner earn that determines the type of home you will buy – unmarried couples need to remember that while there are certain laws that help protect married couples who split, there is no such law for them.
There are plenty of reasons it makes sense to buy, even if you aren’t, or don’t plan to be married. Rising rents, low property costs (in certain areas, of course), deducting mortgage interest and property taxes, the list goes on.
So, instead of bashing the choice to buy property without marriage as a legal safety net, let’s take a look at the steps unmarried couples should take before signing the dotted line on a home, or plan a life with their partner.
Planning for the unexpected is a major piece of responsibility as you grow your life with someone. Unfortunately for unmarried couples, the law is not on your side. Marriage is of course not the only option to ensure protection, and estate planning can go a long way to alleviate any legal nightmares for you or your partner down the road.
Reference: family.findlaw.com “Unmarried Couples and Property Basics”
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