My boyfriend and I are buying a home together. We plan on spending our lives together; however, if the relationship doesn’t last, how does that affect my ownership of the home?
Many couples live and own property together without getting married. If you are buying or leasing property together, you need a Co-Tenancy agreement to define your rights. It would cover details such as: mortgage payments, utilities, repairs, guests, pets, visiting family members and how to divide up the property if the relationship doesn’t make it or your partner moves someone else in. This agreement can be drafted together or with the assistance of a knowledgeable real estate attorney.
Before you purchase your home or sign a lease, have a clear written understanding of your rights and obligations and how to terminate the financial relationship if your partnership ends. Seeking legal help from a professional will ensure that the devised contract includes all necessary elements, should you ever need it, to be admissible in court. A well drafted agreement can save many dollars in the future.