Should You Buy a Property or Home with Your Boyfriend or Girlfriend Before Marriage?


Should You Buy a Property or Home with Your Boyfriend or Girlfriend Before Marriage?Cohabitation before marriage is more common than ever these days, with the vast majority of couples living together before marriage. In many cases, these couples rent, but an increasing number of customers are buying a home together before they get married. However, this can lead to some legal and financial complications.

It's tough to say whether or not someone should or shouldn't buy a property together before they are married. Everyone's situation is different. Some couples may be able to make this purchase together with zero problems, and others may be on the verge of breaking up and somehow hope that their joint purchase will help to keep them together. However, there are some precautions that every couple should take before making a joint purchase if that's what they decide to do.

Some Precautions to Take Before Buying a House or Condo with Your Boyfriend/Girlfriend

First, if it is at all possible, make sure that both of your names are on any ownership and financing documents. This ensures that you both have legal control over the asset. It also prevents one party from potentially abandoning the relationship without having to suffer any of the financial consequences of paying for an asset. The worst-case scenario in this situation would be if one party were to abandon the relationship and not have their name on the property's ownership. In that situation, it would be possible for them to stick the financial obligation on the other party, causing a huge and unmanageable expense. Of course, the reverse could happen as well: It would be theoretically possible for the legal owner of the property to evict their partner, causing that individual to become homeless and potentially lose possessions.

Second, make sure that you are familiar with how the law treats unmarried couples before making a purchase. All fifty states have fifty different laws, and this is why it is so important to understand how your state would treat your relationship both before and after any marriage may occur. Remember, all states have different procedures for a variety of potential relationship circumstances, including common law marriage or no-fault divorce. Ensuring that you have an adequate understanding of these issues can prevent heartache and financial pain for both of you.

Unfortunately, many couples find themselves in a situation where their relationship has come to an end, requiring a variety of services, such as no-fault divorce, divorce mediation, property distribution, or more. If you live in the New York area and find yourself in need of such services, reach out to the Sabra Law Group at 646-472-7971. We can help protect your interests and assist you in coming to a speedy resolution for any of your legal issues.

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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