Important Considerations When Buying a Property with Your Significant Other in Manhattan

Buying a property with your significant other can be an extremely stressful proposition. Yes, it can make it easier to live together, and doing it right can ensure that both of your financial assets and rights are protected. However, there are a few things you should do in order to make sure that both of you have your wallets protected.  Follow the tips below on how to buy a property with your significant other.   

First, when it comes to buying a property with your significant other, there are a few considerations to keep in mind. First: Are you married? This makes a big difference. If you are married, and both of your names are on the title, it increases the chance of coming to a more reasonable, 50/50 settlement.  Indeed, when it comes to sheer equanimity, putting both of your names on the title is probably the simplest thing to do. It also makes life easier if one of you were to die. 

In the event of a divorce or separation, things can get more complicated. If there is a prenup, your life will become easier – at least from a legal perspective. The prenup should unquestionably address the disposition of any assets, including property. Barring a prenup, a few items will likely be brought into account in the event of a separation. This includes total income and contribution to house payments and if the property was owned by one party before the marriage.

If you are not married and purchasing property together, how to buy a property with your significant other can get a lot more complicated. First, talk with your partner, and make sure you are clear on who will pay for what. This includes all shared expenses, such as a mortgage, taxes, and insurance. Furthermore, there will be other repairs that you want to make sure you are clear on, including repairs, maintenance, groceries, and utilities. The best thing you can do is communicate with your partner ahead of time. In the interest of protecting yourself, you may consider drawing up paperwork that will deal with how the asset will be disposed of if the relationship ends.

Whether you are married or unmarried, you may be interested in getting clear about how your assets may be divided in the event of a breakup.  We can help you understand the laws relating to the disposition of joint assets and making sure your finances are protected in the event of a breakup, call Sabra Law Group today at 646-472-7971.

We can also help get you to determine if a prenuptial agreement is right for you and your partner.  Or, if you are going through a divorce of any level of contention, you would benefit from using our long-term experience in divorce and mediation. Don't wait – call today at 646-472-7971, and make sure your future is protected.