Is it true that love comes first, then a mortgage? Marriage would very certainly come before homeownership, according to tradition. However, given that today’s couples marry later in life, they may not be willing to forego the perks of homeownership just because they haven’t said “I do.” If you and your partner are thinking of buying a house, don’t worry. Even if you’re not married or even a couple, it’s entirely legal to buy a house with someone. People buy houses in groups all the time in business deals. Of course, this isn’t a business transaction in this situation. Purchasing a home as a couple is a significant emotional and financial commitment. While purchasing a home with your boyfriend or girlfriend might be a significant relationship milestone, there are some factors to consider before signing on the dotted line. Your decision to live together as partners as partners may be classified as a common law marriage in a few places. When it comes to assets like real estate, however, most jurisdictions recognize unmarried couples as people. As a result, it’s up to the couple to create their own set of guidelines for how their property will be handled in the event of divorce or death. Unmarried couples buying a house jointly must create their own defaults to gain the same protection as a traditionally recognized marriage union. This is sometimes referred to as a “cohabitation property agreement,” and it should specify how the property will be distributed in the event of a divorce.
